One of the leading crypto-exchange platforms with HQ in the US – Coinbase has declared that it is planning to create a supportive infrastructure for the ERC20 tokens which are based on Ethereum’s blockchain sometime in the next months.
Used for Ethereum [ETH] smart contracts, the ERC20 tokens are a technical standard which assets gave the opportunity to various teams to build very speedy interoperable contracts. Not long ago, Toshi – Ethereum Decentralized application browser and Ethereum wallet added-up support for the ERC20.
Coinbase’s Custody will be balancing out and measure a set of assets planned to be supported for withdrawals and deposits.
Accordingly, the team backing up GDAX will be patient and see more regulatory clarity to jump by before taking any decision as to which ERC20 assets to be supported on the platform.
“This paves the way for supporting ERC20 assets across Coinbase products in the future, though we aren’t announcing support for any specific assets or features at this time. We are announcing this both internally and to the public as consistent with our process for adding new assets.”
“Additionally, like GDAX, support for ERC20 will also give us a path to enabling the safe recovery customer ERC20 assets inadvertently sent to Coinbase Ethereum addresses.”
Coinbase will only list assets after they are listed on GDAX. After evaluating factors such as liquidity, price stability, and other market health metrics, the company may choose to add any ERC20 asset added to GDAX to the Coinbase platform. Which means that GDAX will conclude with more assets being listed as listing on GDAX is not a safe guarantee to say that it will be listed on Coinbase too.