Coinbase Is Ready To Expand: Investors Plan For More Ethereum ERC20 Tokens To Be Added Soon
Coinbase Ready To Expand – Why The Exchange Will be Featuring Even More ERC20 Tokens In The Very Near Future
Christmas arrives early for some of us across the world. But for cryptocurrency traders that are using the Pro version of the California-based Coinbase, it came early and with a generous ‘wow' factor attached.
This is according to news that the exchange has officially listed 4 brand new digital tokens to its pro platform. The assets in question include MKR (Maker), DAI (Dai), ZIL (Zilliqa) and GNT (Golem).
While this does warrant a hearty applause from investors, according to a broader announcement made by the Coinbase team, these tokens, in particular, their functionality of them via smart contracts will not be available just yet.
The statement explicitly explains the reason for this:
“Each of these tokens has associated functionality, some of which may be in beta. Moreover, each token’s associated functionality is not currently directly accessible via the Coinbase Pro platform.”
Rise Of ERC20's On Coinbase – Why The Exchange Is Bringing Broader Support To The Platform
While the inclusion of new tokens to the exchange is a pleasant surprise, it is not exactly an unexpected one, as many crypto investors and booster have been anticipating an increase in the exposure of the ERC20 token standard on the platform. An announcement which was made by the coin exchange back in March 2018 went on to state the following:
“We are thrilled to announce our broader intention to support Ethereum's ERC20 technical / token standard for coinbase in the upcoming months. Overall, this paves the way for supporting ERC20 assets across products available on Coinbase in the near future.”
ERC20 Tokens, The Big Names Being Listed By Coinbase
Over the last few months, the platform has been steadily adding to its list of ERC20 tokens, adding the likes of the following to it as a result:
ZRX (0xToken), BAT (Basic Attention Token), USDC (USD Coin), CVC (Civic), DNT (District0x), LOOM (Loom Network), and MANA, the token used by the virtual reality blockchain experience, Decentraland.
Unboxing The List So Far – The 31 Digital Assets The Exchange Has Announced Interest In
Along with the digital assets that it has officially announced, Coinbase has expressed a generous amount of interest in exploring other potential additions to the exchange. In total, this equates to more than 31 different assets that it has looked at supporting.
Among them, only six of them are actually backed by unique blockchian networks (with the exception of Ethereum side-chains like Loom), these include EOS, NEO, Stellar, ADA, and TEZOS. Apart from these, the remainder consist of ERC20 tokens.
At the moment, this is the full list of ERC20 tokens which are available on the exchange:
AE (Aeternity), ANT (Aragon), BRD (Bread Wallet), ENJ (EnjinCoin), IOST, KIN, KNC (Kyber Network), LINK (ChainLink), LRC (Loopring), MFT (Mainframe), OMG (OmiseGo), POE (Po.Et), QKC (QuarkChain), REP (Augur), REQ (Request Network), SNT (Status), STORJ.
Those cryptocurrency traders that are more astute in terms of their observation can figure out the 17 top contenders for the next tokens to be added to the Coinbase lexicon of tokens, thus giving far more opportunities to turn a profit.
Tokens On Mind – Stellar, Ripple (XLR) And Cardano – What About Them?
If we take into consideration the already existing preference of Coinbase when it comes to the kind of tokens it intends to list, and unfortunately the likes of Ripple, Stellar and Ada fall on the wrong side of considerations for Coinbase.
But while it is the case that the exchange will not be listing these anytime soon, there is at least a possibility that it will surprise investors. In the past, Coinbase has made pretty remarkable additions, such as listing ZCash, which no-one expected. So why not one or all of the three mentioned.
With the steady approach of christmas, Coinbase still has the possibility of surprising us with a complete dark horse of a token being added to the exchange. But we also have to accept the possibility that the chances are that they wont be Stellar, Ada, or Ripple at this point in time. But we can certainly hope for the off-chance.