Coinbase announced about the support of the ERC20 Ethereum-standard

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2018-03-27
Coinbase announced about the support of the ERC20 Ethereum-standard

The American cryptocurrency platform Coinbase declared that in the next months it would implement the support of the technological ERC20 standard.In the future, it will allow to add a number of new assets on the platform,however it’s not specified yet about the kind of these assets.

The ERC20 standard is used in Ethereum smart contracts and became very popular among developers and organizers of the initial coin offering.

As the state in the message, the support of ERC20 will allow to store a number of new assets by means of the Coinbase Custody service, however not all of them will be available to trade on GDAX or Coinbase.

It is noted that the team of developers intends to wait for the release of the more accurate standard and legal base before making the decision on adding these or those assets of ERC20 on GDAX. Besides, the support of the standard will allow to restore the assets sent by users to the Ethereum-addresses GDAX and Coinbase by mistake.

As for Coinbase Asset Management, on index methodology any assets in listing of GDAX will be added to the Coinbase Index on the basis of market capitalization.

In general, new assets will be able to get to the listing of Coinbase only after are added on GDAX. Assessment will be made in a number of parameters, including liquidity, stability of the price and other indicators of “market health”. Any of ERC20 assets, appeared on GDAX, can be chosen also for addition on Coinbase.

It is also noted that, most likely, in listing of GDAX there would be more new assets than on Coinbase, therefore their addition on the last wasn’t guaranteed.

At last, the support of ERC20 in Coinbase Commerce isn’t planned yet.

 

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