Coinbase has announced they will be adding ERC20 support to their platform which currently supports Bitcoin, Ethereum, Litecoin, and Bcash. All though no word of any new coins being added to their platform have been given, adding ERC20 support will allow users to transfer and hold any coins that piggyback on the Ethereum network. Coinbase plans to implement the change in the next few months.
Examples of ERC20 tokens in their current state: EOS, TRX, VEN, BNB, ICX, OMG, DGD, etc. Many coins start off as ERC20 tokens until their own blockchains are launched, where a token swap is usually held to transfer an ERC20 token into its own coin.
What This Means For Coinbase’s Various Products:
Coinbase Custody — the Custody team is evaluating a set of assets to support for deposits and withdrawals. Note: Custody will likely support more assets than those available to trade on GDAX or Coinbase for the foreseeable future.
GDAX — the GDAX team will wait for additional regulatory clarity before we decide which ERC20 assets to support on GDAX. Support for ERC20 will also give us a path to enabling the safe recovery of customer ERC20 assets inadvertently sent to GDAX Ethereum addresses.
Coinbase — per our previous guidance, Coinbase will only list assets after they are listed on GDAX. After evaluating factors such as liquidity, price stability, and other market health metrics, we may choose to add any ERC20 asset added to GDAX to the Coinbase platform. It’s also worth repeating that GDAX will likely have more assets listed on the platform than the Coinbase platform, i.e. listing on GDAX does not guarantee listing on Coinbase.
Additionally, like GDAX, support for ERC20 will also give us a path to enabling the safe recovery customer ERC20 assets inadvertently sent to Coinbase Ethereum addresses.
Coinbase Commerce — no planned ERC20 support at this time.
Learn more about Coinbase’s process for adding new coins.