Coinbase is upholding their promise to bring more ERC20 tokens to their exchange, Coinbase Pro. The company has recently added 0x Basic Attention Token, and USD Coin to their platform, among a few others like Civic, and Loom Network. Now, according to a company blog post, the team is bringing DAI (DAI), Golem (GNT), Maker (MKR), and Zilliqa (ZIL) to the US-based exchange. While GNT isn’t an ERC20 token, it is an Ethereum-based token, which the post makes sure to clarify.
License To Utilize
These chosen assets all have additional functionality which is inaccessible from the Coinbase Pro platform:
“The Golem GNT token provides access to a distributed compute farm, the Zilliqa network can be used to experiment with high-performance smart contracts, and the MKR and DAI tokens form a paired set of assets in which MKR provides governance, and DAI is a decentralized, collateral-backed stablecoin.”
Though it may be coming in the future, users cannot directly interact with smart contracts on any of these networks via Coinbase Pro. To participate in these networks, users must purchase assets on Coinbase Pro and then move them to an appropriate wallet.
Initially, customers within the United States (excluding New York), the United Kingdom, European Union, Canada, Singapore, and Australia can trade GNT and DAI on Coinbase Pro. However, MKR and ZIL will not be available to U.S. investors.
Of course, enthusiasts are hoping for additional assets as well. The post addresses these concerns:
“We recognize that there are popular assets that we have not yet added to our platform. Our decision to add ERC20 tokens first arises in part from the relative ease of integrating the standard with our existing infrastructure, particularly from a security standpoint. However, as noted in our earlier post, we are exploring the addition of many new assets beyond ERC20 tokens on a jurisdiction-by-jurisdiction basis.”
Suggested Reading : Read what we think of Coinbase Pro here.
The Coinbase Pro Launch Process
The launch process went live at around 11:45 am PT on Tuesday, December 18th. The platform was accepting deposits for at least 12 hours before this, and once proper liquidity is in place, investors can trade on their specific order book. The post notes that these assets are not yet available on Coinbase.com, only Coinbase Pro. This may or may not change in the future.
As with all assets, Coinbase followed a four-step process for launch:
- “Transfer-only: At some point after 11:45 am PT on Tuesday, December 18, customers in applicable regions will be able to transfer DAI, GNT, MKR, and ZIL into their Coinbase Pro account. Customers will not yet be able to place orders and no orders will be filled on these order books. Order books will be in transfer-only mode for at least 12 hours.
- Post-only: In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one minute.
- Limit-only: In the third stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of ten minutes.
- Full trading: In the final stage we may choose to leave the order book in limit-only mode or we may make full trading services available, including limit, market, and stop orders.”
As the leading US-based exchange, we can expect more companies to follow Coinbase’s example when it comes to listing assets. These precautions are vital, especially with so many scams and projects with weak use cases on the market.
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