A few hours after the popular cryptocurrency exchange of Coinbase announced that it was exploring listing 31 new digital assets, the Pro version of the exchange has informed the crypto trading community that it was listing the ERC20 tokens of Civic (CVC), district0x (DNT), Loom Network (LOOM), and Decentraland (MANA).
Coinbase’s Support of the ERC20 Technical Standard and Listing of the 4 Tokens
The announcement went on to explain why the exchange went ahead with listing the four tokens on Coinbase Pro.
Earlier this year we announced our intention to support the ERC20 technical standard across Coinbase. Following our recent launches of 0x (ZRX), Basic Attention Token (BAT), and our stablecoin, USDC (USD Coin) — all of which are built on Ethereum’s ERC20 standard — we’re now announcing support for Civic (CVC), district0x (DNT), Loom Network (LOOM), and Decentraland (MANA), on Coinbase Pro.
The exchange has already begun accepting inbound transfers of CVC, DNT, LOOM and MANA on Coinbase Pro.
Deposits will be open for 48 hours prior to the exchange opening full trading of the digital assets. The 2 day waiting period is considered as ample time for the tokens to gain sufficient liquidity for each respective USDC order book.
Trading will be initially accessible to Coinbase Pro users in the US, UK, European Union, Canada, Singapore and Australia. However, residents of the State of New York and other jurisdictions will not be able to access trading of these tokens until a later date.
Popular Coins Not Forgotten By Coinbase
Coinbase went on to acknowledge that the listing of the new tokens might be taken as the exchange ignoring other popular cryptocurrencies. The team went on to explain that their decision to list ERC20 tokens was due to the relative ease of integrating the standard on the platform.
The announcement explained this further as follows:
We recognize that there are popular assets that we have not yet added to our platform.
Our decision to add ERC20 tokens first is based on the relative ease of integrating the standard with our existing infrastructure, particularly from a security standpoint.
However, as noted in our earlier post, we are exploring the addition of many new assets beyond ERC20 tokens on a jurisdiction-by-jurisdiction basis.
We Might Wait A While for the Exchange to List ADA, XLM, XRP and Other Coins
The Coinbase explanation that it is easier to integrate ERC20 tokens on the platform, is in line with our earlier discussion that we might need to wait a while for the exchange to list coins on their own networks such as ADA, EOS, NEO, XLM, XRP and Tezos (XTZ). The addition of the 4 digital assets proves that ERC20 tokens will be listed first.
What are your thoughts on Coinbase listing the four ERC20 tokens of CVC, DNT, LOOM and MANA on Coinbase Pro? Please let us know in the comment section below.
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