Coinbase Reverses Statement, To Support ERC20 Tokens. 10

Coinbase Reverses Statement, To Support ERC20 Tokens.

Respected US exchange platform, Coinbase, has revealed it is planning to support ERC20 tokens on its platform, rescinding its earlier statement. Coinbase made this statement in a blog post on March 26 saying the decision “paves the way for supporting ERC20 assets across Coinbase products in the future.”

ERC20 is the technical yardstick for smart contracts on the Ethereum blockchain, and it is being used by many altcoin assets.

The decision came as a surprise, and it is being aired not long after Coinbase disproved that it is planning to add Ripple to its platform. The move is an attempt to make people not to be aware of which coin the exchanger intends to add.

Earlier, Coinbase has added ERC20 token support to its Ethereum wallet, it had as well announced it would be adding another coin, but under tough control. This is to caution any speculation of which coin it wants to add. When Coinbase added Bitcoin Cash in December, crypto enthusiasts alleged the platform of running an in house trading.

The accusations among other things resulted in the US’ largest exchanger platform and its sister exchanger, GDAX, to say they won’t be adding any coin to its platform.

“As of the date of this statement, we have made no decision to add additional assets to either GDAX or Coinbase. Any statement to the contrary is untrue and not authorized by the company,” CEO Brian Armstrong wrote in Jan. 4.

In a reversal statement, the exchanger platform says:

“After evaluating factors such as liquidity, price stability, and other market health metrics, we may choose to add any ERC20 asset added to GDAX to the Coinbase platform.”

Understanding Ripple-Coinbase Feud

Different analysts have weighed in on Ripple-Coinbase issue. While some say Ripple needs Coinbase the most, some have said Coinbase’ decision to not add Ripple to its platform attests that the exchanger platform have personal issues with the team behind Ripple.

A previous speculation that Coinbase would be adding Ripple any moment made the coin to rise in value. Shortly afterward, Coinbase debase the statement stating it has no intention of adding Ripple now.