Coinbase has had a rough year…
After adding Bitcoin Cash, people started to wonder the validity of what they were doing, whether insider trading was to question.
And then, they have been engaged in multiple lawsuits based on locked funds of intermediary transfers.
Despite these setbacks, their ultimate goal to help the world buy cryptocurrency and hold/trade it actively prevails with this new initiative.
Coinbase ERC20 Support To Be Added Soon
With Coinbase’s new initiative and adding of coins, they need to be able to support new coins.
In this case, it is coins associated with Ethereum (the top Dapp based platform cryptocurrency) called ERC20 assets.
On the ethereum network, anyone can create a Dapp and utilize Ethereum’s network via a sidechain or chain that automatically connects and uses the Ethereum blockchain.
This is an ERC20 token.
What Does This Mean For Cryptocurrency?
And it is much of what regular ICOs have been launched on in the past year (which is also the reason that Ethereum went from $8 to $300 at the beginning of 2017).
With more ERC20 tokens being released and many of them becoming successful (OMG, ZRX, SUB) we are going to need an outlet to buy them directly with USD.
And Coinbase is one of the largest U.S. based exchanges for converting Fiat currency to Bitcoin, Ethereum, Litecoin, and BCH.
That’s why in their newest article Adding ERC20 Support to Coinbase they detailed their plan for the ERC20 and how it affects a few areas of their business.
- Coinbase Custody
- Coinbase Asset Management
If you’d like to read the full article click here: Coinbase ERC20 Assets
Regardless of when this implementation will occur, it is massive news for the industry as a whole. Whichever coins are added will likely increase in value based on the availablity of purchase alone, and the entire cryptocurrency marketplace will start to gather more attention again.
Thank you for reading,
The GCA Team