Coinbase will now support Ethereum ERC20 tokens on its exchange.
One of the largest U.S. cryptocurrency trading platforms, Coinbase, is opening its door to Ethereum-based digital tokens.
In a blog post, the San Francisco-based company announced that they will start supporting Ethereum’s ERC20 technical standard on its platform. This opens the door to a lot of Ethereum-based digital tokens.
For those unfamiliar with ERC20, it is the technical standard developers use to build Ethereum-based tokens. Examples of this would include Qtum, Bancor, EOS and Omisego. As of writing, there are currently more than 50,000 ERC20 token contracts in the market.
The blog post did not specify when this support will go live and which tokens will get listed.
“This paves the way for supporting ERC20 assets across Coinbase products in the future, though we aren’t announcing support for any specific assets or features at this time,” the post said.
Currently, Coinbase trades Bitcoin, Bitcoin Cash, Ether and Litecoin on its GDAX exchange.
When this starts rolling out, ERC20 support will be available on most of their products. This includes their main platform, their hedge fund tool Custody, GDAX and their Asset Management platform. They have excluded the Commerce payment system.
This announcement comes shortly after the U.S. Securities and Exchange Commission announced that platforms for digital assets need to register with the agency as a national exchange. Coinbase, however, says that they are exempted from this requirement.