Why Coinbase Will List More ERC20 Tokens In the Coming Days
Only a few hours ago, crypto traders were treated to an early Christmas by Coinbase as the exchange listed 4 new cryptocurrencies on its Pro Version of the platform. The newly listed digital assets are Dai (DAI), Maker (MKR), Golem, (GNT) and Zilliqa (ZIL).
The exchange went on to state that the smart contract functionality of these tokens will initially not be available. The announcement by Coinbase stated:
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.
Coinbase’s Intention to Support the ERC20 Technical Standard Across the Platform
News of the addition of more ERC20 tokens does not come as a surprise to many crypto enthusiasts who were aware that the exchange had announced its plan to support the Ethereum ERC20 technical standard on the platform. A March 2018 announcement by the exchange stated the following:
We’re excited to announce our intention to support the Ethereum ERC20 technical standard for Coinbase in the coming months. This paves the way for supporting ERC20 assets across Coinbase products in the future…
Prominent ERC20 Tokens Listed By Coinbase
The past few months and days have seen the platform list the following ERC20 tokens: 0x (ZRX), Basic Attention Token (BAT), USD Coin (USDC), Civic (CVC), district0x (DNT), Loom Network (LOOM) and Decentraland (MANA). This is in addition to the recently listed DAI (DAI), Golem (GNT), Maker (MKR), and Zilliqa (ZIL).
Revisiting the List of 31 Digital Asset the Exchange Had Announced it Was Exploring
Out of the 31 digital asset that Coinbase has announced it was exploring on supporting on the platform, only 6 are on their own blockchain networks. They include ADA, EOS, NEO, XLM, XRP and Tezos (XTZ). The rest are ERC20 tokens.
A list of ERC20 tokens yet to be listed by the exchange are as follows.
Aeternity (AE), Aragon (ANT), Bread Wallet (BRD), EnjinCoin (ENJ), IOST (IOST), Kin (KIN), Kyber Network (KNC), ChainLink (LINK), Loopring (LRC), Mainframe (MFT), OmiseGo (OMG), Po.et (POE), QuarkChain (QKC), Augur (REP), Request Network (REQ), Status (SNT) and Storj (STORJ)
Savvy crypto traders have probably started the process of elimination to try and figure out which of the 17 remaining tokens will be next on Coinbase thus providing profitable trading opportunities.
What About XRP, Stellar (XLM) and Cardano (ADA)?
Based on Coinbase’s aforementioned preference to list ERC20 tokens first, it is safe to conclude that the exchange will not list the popular cryptocurrencies of XRP, XLM and ADA anytime soon.
However, their is still a slight chance that the exchange might surprise us like they did when they listed ZCash. No one expected them to list ZEC before XLM and ADA.
As we approach Christmas, the odds of Coinbase surprising us by listing an unlikely coin (not ERC20 token) should be considered. But we also have to be realistic based on the fact that ERC20 tokens are more likely to be listed before XLM, ADA and XRP.
What are your thoughts on the possibilty of Coinbase continuing to list more ERC20 tokens? Please let us know in the comment section below.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.