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Coinbase announces support for ERC20 tokens in coming months

Popular US-based cryptocurrency exchange Coinbase have announced their intention to add support for the Ethereum ERC20 technical standard.

Earlier this week digital currency exchange Coinbase took to their company blog to announce that they intend to add support for ERC20, the Ethereum technical standard, in coming months. This would mark the San Francisco based business’s first new crypto assets of the year.

“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.”

As the technical standard used by Ethereum token, it serves as a compliance interface for anyone wanting to write a smart contract or issue a token.

Unlike previous announcements from the exchange, which have had varying but almost always immediate impacts on the cryptocurrency markets, the news had little noticeable effect at the time. At press time, Ether trades at levels above the $442 USD mark.

The added support will affect all of Coinbase’s existing products to varying degrees, however many of the changes are dependant on further evaluation and clarity on specific trading rules and regulations. From the announcement, edited for brevity:

“Coinbase Custody — the Custody team is evaluating a set of assets to support for deposits and withdrawals…

“GDAX — the GDAX team will wait for additional regulatory clarity before we decide which ERC20 assets to support on GDAX…

“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…

“Coinbase Commerce — no planned ERC20 support at this time.”

With close to 60,000 Ethereum contracts on the market, and support for specific assets not yet announced, speculation is rife as which currencies will be included. EOS, TRON, VeChain, and Binance Coin seem likely due to their market capitalization both in terms of total and circulating supply, but it’s simply too early to make any definitive claims.