Coinbase said in a blog post on Monday, that it plans to support Ethereum ERC20. This move is set to pave a path for ERC20 token contracts support across Coinbase products in future.
This decision to support ERC20 is a technical standard used for smart contracts on the Ethereum blockchain. This is also the same protocol that is used for thousands of altcoin assets in existence. This announcement was made several weeks after Toshi, the largest exchange and wallet provider in the US added ERC20 token support to its Ethereum [ETH] wallet and Dapp.
What came along with the announcement was a conspicuous pledge not to reveal any likely altcoin entities for future listing.
CEO Brian Armstrong quoted:
“Neither Coinbase nor its sister exchange GDAX seek to offer any new currencies digitally. As of the date of this statement, we have made no decision to add additional assets to either GDAX or Coinbase. Any statement to the contrary is untrue and not authorized by the company.”
With this announcement, Coinbase has not revealed what specific assets or features will be supported and highlighted such that any extras must go through internal legal and risk checks. That is not it; they have to gain approval from a committee of employees and executives with the help of Digital Asset Framework. Also, new assets will be made public before the integration on the platform.
ERC20 is a well-known benchmark or reference for the creation of interoperable contracts while native support for it is already integrated into the wallet system through Coinbase. ERC20 tokens support must appear on GDAX first and foremost.
After the GDAX listing, assets to be offered on the main platform will be chosen by Coinbase. Factors such as liquidity, price stability, and other market health metrics will be evaluated before picking any ERC20 asset added to GDAX. This does not imply that any asset listed on GDAX will appear on the main Coinbase exchange platform.
There is no support decided for ERC20 on Coinbase Commerce but the standard and support may get added to other products. Coinbase has an intention of creating an index fund for digital currency asset management, as announced by them earlier this month.
A Twitterati comments:
“You guys know you’re adding more coins in the future. You can say it 😉 Three isn’t enough. Lets play with our food a bit more here”
The post Coinbase will be listing Ethereum based ERC20 token soon with a secret pledge appeared first on AMBCrypto.
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