Coinbase adds support for ERC20 – plans to support more cryptocurrencies

Coinbase plans to add techincal support for Ethereum's so-called ERC20 token. Photo: Shutterstock

2018-03-26 21:58

Christian Ploog

christian.ploog@trijo.co

On Monday evening, one of the world's largest crypto exchanges Coinbase announced that they in the coming months plans to add technical support for Ethereum's so-called ERC20 token.

ERC20 is a technical standard for Ethereum’s smart contracts. Many startups use this to launch their own tokens and at the same time raise capital by making a so-called initial coin offering (ICO).

The announcement from Coinbase means that the crypto exchange in the future will be able to take in tokens that are based on the Ethereum ERC20 technical standard. In theory, it means that Coinbase now will be able to offer tokens like 0x (ZRX), OmiseGo (OMG) and Status (SNT), to name a few.

However, at this stage, the crypto exchange does not announce any specific tokens that they intend to support, writes Coinbase on its blog.