íàçâàíèå

Why Coinbase’s Support for Ethereum Testnets & ERC-20 Tokens Matters

Why Coinbase’s Support for Ethereum Testnets & ERC-20 Tokens Matters

Toshi, the Ethereum-based decentralized application browser and wallet operated by Coinbase, the world’s largest cryptocurrency exchange, brokerage, and wallet platform, has added support for Ethereum testnets and custom ERC-20 tokens.

Coinbase Roadmap

Lsat week, upon the integration of Ethereum Classic (ETC), the Coinbase team told its users and investors that the mid-term strategy of the company is to eventually support the entire ERC-20 token standard of Ethereum, including initial coin offering (ICO) tokens and independent blockchain projects.

The official statement of Coinbase released on June 12, read:

“We have previously announced our intention to support the ERC20 technical standard and Bitcoin forks. We will announce the intention to add specific assets within those categories prior to final engineering integration. This is consistent with our public process for adding new assets.”

Dan Romero, the general manager and vice president of Coinbase, acknowledged that the company’s integration of Ethereum Classic could come across as a surprising decision to the majority of traders. Romero emphasized that at the current phase of cryptocurrency regulation, especially, in the US, it is of utmost priority of the company to integrate digital assets that in no way can be categorized as securities.

Coinbase has announced that it will add support for Ethereum Classic.

Recently, the US Securities and Exchange Commission (SEC) officially clarified, for the first time in history, that Bitcoin and Ethereum are not securities. As a hard fork of Ethereum with the same decentralized and transparent characteristics as Ethereum, the clarification of the SEC automatically meant that ETC is also, by definition, not a security.

As CCN previously reported, William Hinman, the Director of Corporate Finance at the SEC, said at the Yahoo Finance All Markets Summit:

“And putting aside the fundraising that accompanied the creation of Ether, based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions. And, as with Bitcoin, applying the disclosure regime of the federal securities laws to current transactions in Ether would seem to add little value.”

The mid-term vision of Coinbase to support the ERC-20 token standard, which includes ICO tokens and Ethereum-based blockchain projects, was validated by the recent announcement of the SEC. The acquisition of Paradex, a decentralized cryptocurrency exchange or relay, and the new features added by Toshi, Coinbase’s native Ethereum app, has demonstrated the confidence of Coinbase of listing tokens.

“We already automatically show you popular ERC20 tokens that you own inside your Toshi wallet. With this latest release, we now we let you add custom ERC20 tokens that are not yet in our database,” the Toshi team said, allowing users and investors to store ERC-20 tokens freely, similar to other platforms such as MetaMask.

Positive Development for Ethereum and Tokens

Coinbase is a well-structured multi-billion dollar conglomerate best known for its experienced executive team that have migrated from the traditional finance sector to the cryptocurrency industry. The confidence shown by Coinbase in integrating tokens and operating Ethereum-based platforms such as Paradex and Toshi will lead to the mainstream adoption and rapid increase in the usage of tokens in the long-term.

Images from Shutterstock


• Join CCN's crypto community for $9.99 per month, click here.
• Want exclusive analysis and crypto insights from Hacked.com? Click here.
• Open Positions at CCN: Full Time and Part Time Journalists Wanted.
20.06.2018 / 20:00 48
Why Coinbase Added Ethereum Classic Ahead of Ripple & Other Tokens Why Coinbase Added Ethereum Classic
Coinbase, the biggest cryptocurrency exchange, brokerage, and wallet based in the US, integrated Ethereum Classic on June 12 ahead of other major
Coinbase Adding Support for Ethereum Classic ‘In The Coming Months’ Coinbase Adding Support for Ethereum
Coinbase, the largest cryptocurrency exchange in the United States in terms of trading volume, has announced its intention to add support for
Coinbase Acquires Ethereum Wallet Startup Cipher Browser Coinbase Acquires Ethereum Wallet
Cryptocurrency exchange Coinbase acquired mobile ethereum wallet Cipher Browser Friday, the startup announced on Twitter. Cipher Browser, which also
Coinbase Reverses Statement, To Support ERC20 Tokens. Coinbase Reverses Statement, To Support
Respected US exchange platform, Coinbase, has revealed it is planning to support ERC20 tokens on its platform, rescinding its earlier statement.
Coinbase Announces Plans to Add ERC20 Token Support Coinbase Announces Plans to Add ERC20
San Francisco based exchange Coinbase has announced on its official blog that it plans to support the Ethereum ERC20 technical standard. Coinbase
Ethereum Blockchain ERC20 Tokens To be Supported by Coinbase Ethereum Blockchain ERC20 Tokens To be
One of the leading crypto-exchange platforms with HQ in the US – Coinbase has declared that it is planning to create a supportive infrastructure for
Comments (0)
Add a comment
Comment on