The most popular US cryptocurrency exchange is continuing its promise to support Ethereum-based ERC20 tokens, adding four more of the coins to the Coinbase Pro platform.
Starting today, December 7, Coinbase Pro users can transfer their balances of Civic (CVC), district0x (DNT), Loom Network (LOOM), and Decentraland (MANA) to the exchange, and full trading will commence around 48 hours from today. The Coinbase announcement confirms:
“Once sufficient liquidity is established, trading will begin on each respective USDC order book. Trading will initially be accessible for Coinbase Pro users in the US (excluding NY), UK, European Union, Canada, Singapore and Australia.”
There are four stages of launch for each token. Beginning with the acceptance of transfers into the platform, then “post-only” will allow the posting of limit orders for a short time, before limit orders will start matching. After this point, full trading will become available. The Coinbase Pro Twitter account will be updated at each stage.
The four coins will, for now, only be available on the Coinbase Pro platform for advanced trading and not the standard brokerage platform at Coinbase.com or within the firm’s mobile applications. Both services, Coinbase and Coinbase Pro, are free to register, but trading fees vary. Availability of the new coins for more countries could also be added later.
Coinbase plans to list even more ERC20 tokens “over time” and reveals:
“We are exploring the addition of many new assets beyond ERC20 tokens on a jurisdiction-by-jurisdiction basis.”
ERC20 tokens, says Coinbase, integrate easily with its existing infrastructure “particularly from a security standpoint,” but the exchange acknowledges there are other popular coins it is yet to support.
Casey Botticello, President of the Cryptocurrency Alliance, explained:
ERC-20 defines a common list of rules for Ethereum tokens to follow within the larger Ethereum ecosystem, allowing developers to accurately predict interaction between tokens. These rules include how the tokens are transferred between addresses and how data within each token is accessed.Casey Botticello
ERC20 token 0x (ZRX) and the Coinbase stablecoin USDC (USD Coin) were added by the platform in October 2018, followed by Brave Browser’s Basic Attention Token (BAT) in early November. With the addition of four more coins now in December, Coinbase is delivering on its ERC20 support plans announced back in March 2018, and more additions look set to follow.