A ton of tokens are coming to the Coinbase platform
Coinbase is one of the biggest cryptocurrency exchanges out there and is especially popular among individuals who are just getting started with cryptocurrencies. Coinbase offers a very easy and straight forward buying, selling and storing service. Because of its popularity, new cryptocurrencies being added to the platform has previously experienced an enormous surge when trading went live. Ripple (XRP) even saw a huge spike when rumors of it being added to Coinbase emerged, but was later confirmed to be false by Coinbase.
Today, Coinbase announced on Twitter that ERC20 compatibility will be added to the platform in the future. What this means is that users potentially will be able to store, sell or buy any ERC20 token on the Coinbase platform. An ERC20 token is a token issued on top of the Ethereum blockchain. This is the preferred way ICOs create their own tokens.
We’re excited to announce our intention to support the Ethereum ERC20 technical standard for Coinbase in the coming months.
— Coinbase (@coinbase) March 26, 2018
Many coins among the top 100 most valuable cryptocurrencies by market cap are actually ERC20 tokens. The following 10 tokens are all ERC20 tokens in the current top 100, which means they could be available on Coinbase in the future.
- EOS (EOS)
- Tron (TRX)
- VeChain (VEN)
- ICON (ICX)
- Binance Coin (BNB)
- OmiseGo (OMG)
- Walton (WTC)
- DigixDAO (DGD)
- Populous (PPT)
- RChain (RHOC)
Recently, Binance another major cryptocurrency announced plans for creating a cryptocurrency to fiat exchange just like Coinbase is. Before this Binance only offered cryptocurrency to cryptocurrency exchange which made them harder to use for beginners. Coinbase making an announcement like this might be a sign of having to make their service better in order to compete.
Image by: Jon Russell, https://www.flickr.com/photos/jonrussell/40235964112, CC BY 2.0