Among the world’s hottest cryptocurrency vendors, Coinbase Inc., is thinking about adding Ethereum-based tokens to its supported crypto assets.
The business made its plans public in a blog article today, March 26, 2018. Their reason is to show signal that it’s going to incorporate the ERC20 technical standards into all of its platforms.
“We’re excited to announce our intention to encourage the Ethereum ERC20 technical standard for Coinbase from the coming months. This paves the way for encouraging ERC20 assets across Coinbase goods in the future,” written in the blog article.
The post continues to state that the corporation will not disclose “service for any specific resources or characteristics at this moment”. This stresses that the statement complies with company guidelines for new strength listings. This procedure entails a legal and hazard assessment via an asset choice committee; inspection and verification by the Coinbase executive team; a public statement of the new listing before integration; and a technical implementation of this asset followed by a different public statement of the complete integration.
Treading carefully into uncharted territory, the group “will wait patiently for additional regulatory clarity before [they] decide which ERC20 resources to support.” When everything is cleared, the selected ERC20 tokens will first come to GDAX, Coinbase’s centralized exchange extension. They will consider adding it to the Coinbase only once an asset is listed on GDAX and the Coinbase team assesses variables “such as liquidity, price stability and other market wellbeing metrics” , according to the post. Furthermore, the GDAX will weigh to the Coinbase Index Fund the asset added.
Besides offering a wider asset offering to its customer base, the group “considers that support for ERC20 will also give [it] a path to allowing the secure recovery [of] customer ERC20 assets inadvertently sent to Coinbase Ethereum addresses.”
Toshi is an Ethereum wallet and dApp browser. Coinbase Company owned the said application. They gave additional support for ERC20 tokens and ERC721 resources in late February of this year. A February 28 blog post shows the specifications of the development. Unlike their close kin, the ERC20 token, ERC721 resources (or collectibles, since the article calls) are exceptional, non-fungible assets.
These collectibles carry different properties that are specific to every ERC721 token. Its value is not dependent on the other asset which is registered under the same address. CryptoKitties are a prime example, where one Crypto Kitty may be worth 0.3 ETH. On the other hand, another may be worth 5 ETH.
Regarding the release of the article, the said company did not offer any idea to suggest that it will offer assistance for ERC721 assets on any of its other platforms.
