NEW YORK Bitcoin exchange Coinbase said on Thursday it will add digital currency ether on its trading platform next Tuesday.
The addition of ether comes given the surge in interest in the digital asset among major financial institutions such as Barclays [BARCR.UL] and UBS [UBSAG.UL] as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network.
Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin.
“We’re very excited about Ethereum. There has been a ton of progress made in the last six to nine months,” said Adam White, vice president of business development at Coinbase in an interview with Reuters. “We have seen hundreds of emerging decentralized apps (applications) launched on Ethereum.”
He added that bitcoin cannot mirror Ethereum’s “scripting language,” so both bitcoin and ether can co-exist and will not necessarily compete with each other.
Coinbase also plans to change the name of