Coinbase announces support for ERC20 tokens

After Coinbase has long resisted vehemently against adding new tokens to the portfolio, yesterday, an announcement took place, which could have far-reaching consequences for the crypto market. Coinbase will go on to support ERC20 tokens in the coming months.

Yesterday, Coinbase announced on its blog that they will implement the technical standard of ERC20 tokens in the coming months. Here, Coinbase clearly emphasizes that there will be no more precise specification, but all other details are discussed and implemented step-by-step within the Digital Asset Framework.

This internal workflow contains a whole range of different parameters, which are examined by several committees of different legal and risk platforms (to name but a few factors). The main responsibility lies with the internal “Asset Selection Committee”, which initiates the inclusion of new assets in accordance with the aforementioned framework.

In order to solve the problem, the complete “Order Book” was emptied and all transactions deleted or reset. In order to avoid such an event again, Coinbase has developed the plan just described, which should ensure a smooth and orderly process.

With more than 10 million users, Coinbase is one of the world’s largest platforms that can significantly impact price by simply listing a cryptocurrency. Unfortunately, the entire crypto market is currently dominated by the bear, so this message has no effect on market capitalization or the prices of individual currencies. Not even Ethereum showed a significant reaction.

Last year, Coinbase started trading for Bitcoin Cash, which ended in disaster. The Bitcoin cash trade had to be stopped after 2 minutes, as it came to an extremely price increase and purchase offers.