Coinbase Pro to Add Ethereum-based Tokens DAI, Golem (GNT), Zilliqa (ZIL) And Maker (MKR) in Key Areas
Coinbase has many plans for 2019, but some of the plans of the most important crypto exchange in the United States are about to be launched now. According to an announcement made on the Coinbase Blog, DAI, Golem (GNT), Maker (MKR) and Zilliqa (ZIL) tokens are about to be launched on Coinbase Pro.
According to the blog post, GNT and DAI will be available for the United States (except in New York), the United Kingdom, Canada, Singapore and Australia. MKR and ZIL, however, will not be avalable in the United States, but you can trade them in all the other countries.
Coinbase already talked about how it was going to launch its products on some jurisdictions only before. According to Coinbase, it is hard to be compliant in all the jurisdictions when they have so many different rules, so the main goal of the company is to launch the assets when they can first and then expand them to other countries and regions, if possible.
This is all part of a larger effort to launch more popular Ethereum-based ERC20 tokens on Coinbase, a plan that was started a few months ago. First, Coinbase has launched 0x (ZRX) and the Basic Attention Token (BAT) across all of its jurisdictions and platforms.
USD Coin (USDC), a partnership between Coinbase and Circle, has also been launched. This new ERC20 token is more than just another Ethereum-based coin, though, as it is the official stablecoin adopted by Coinbase. Civic (CVC), Loom Network (LOOM), Decentraland (MANA) and District0x (DNT) have all also been announced for Coinbase Pro.
Initially, the support for the services which are being announced today will be only for some regions. While GNT is not a ERC20 token, it is an Ethereum-based token, so it is being launched together with the other ones.
All the tokens have functionalities of their own. Golem’s tokens, for instance, can provide the user access to a computing farm which generates computing power to be sold. Zilliqa is focused on smart contract technology. Maker provides governance and DAI is an algorithmic stablecoin. However, these functionalities can all be accessed via their respective sites, not Coinbase’s.
According to the blog post, the main reason why Coinbase is adding these assets now is that they are are all based on Ethereum, so their trading is easy to implement and the users will not have any risks trading them.
The launch is set for 11:45 am PT today, December 18. The company is already accepting deposits and trading will begin as soon as sufficient liquidity is established. Initially, the market will be transfer-only and full trading will be unlocked with time.
At the moment, Coinbase has not announced any other jurisdiction that may be eligible for trading the tokens, but this will be reported by us as soon as it is done.