Coinbase to add ERC20 Support

Coinbase one of the largest exchanges in the world announced in the medium article that they will support the Ethereum ERC20 technical standard in the coming months.

ERC20 is a set of rules that an Ethereum token has to implement, giving the developers the ability to program how new tokens will function within the Ethereum ecosystem.More recently, the company’s Ethereum wallet and Dapp browser Toshi was added native support for ERC20.

What ERC20 support means for Coinbase’s products

Coinbase Custody — the Custody team is evaluating a set of assets to support for deposits and withdrawals. Note: Custody will likely support more assets than those available to trade on GDAX or Coinbase for the foreseeable future.

GDAX — the GDAX team will wait for additional regulatory clarity before we decide which ERC20 assets to support on GDAX. Support for ERC20 will also give us a path to enabling the safe recovery of customer ERC20 assets inadvertently sent to GDAX Ethereum addresses.

Coinbase Asset Management — per the index methodology, any asset listed on GDAX will be added to the Coinbase Index on a market capitalization weighted basis.

Coinbase — per our previous guidance, Coinbase will only list assets after they are listed on GDAX. 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. It’s also worth repeating that GDAX will likely have more assets listed on the platform than the Coinbase platform, i.e. listing on GDAX does not guarantee listing on Coinbase.

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.

They clarified that they aren’t announcing support for any specific assets or features at this time, however, this paves the way for supporting ERC20 assets across Coinbase services.

Source: Coinbase

Adding ERC20 Support to Coinbase

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