9th Day of Coinbase Announced Support for Four More Ethereum Tokens

By December 19, 2018 Altcoins
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Photo: The Coinbase Blog
Photo: The Coinbase Blog

On their 9th day of Christmas, Coinbase decided to include new coins on their platform. Earlier this year they were announcing their intention to support the ERC20 technical standard across Coinbase.

Following their launches of 0x (ZRX), Basic Attention Token (BAT), and their stablecoin, USD Coin (USDC) across all Coinbase platforms, they also added Civic (CVC), district0x (DNT), Loom Network (LOOM) and Decentraland (MANA) to Coinbase Pro.

The exchange said:

“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.”

In their “12 Days of Coinbase” celebration, they announced support for DAI (DAI), Golem (GNT), Maker (MKR), and Zilliqa (ZIL). Of these, GNT is not technically an ERC20 token, but is an Ethereum-based token.

Inbound transfers for DAI, GNT, MKR, and ZIL are now available in the regions where trading is supported. Traders cannot yet place orders and no orders will be filled. Order books will be in transfer-only mode for a minimum of 12 hours. https://t.co/Ov3BtA1BWE

Each of these tokens has associated functionality, some of which may be in beta. Moreover, each token’s associated functionality is not currently directly accessible via the Coinbase Pro platform.

For example, the Golem GNT token provides access to a distributed computer farm, the Zilliqa network can be used to experiment with high-performance smart contracts, and the MKR and DAI tokens form a paired set of assets in which MKR provides governance, and DAI is a decentralized, collateral-backed stablecoin. In particular, direct access to smart contract functionality will not be immediately available through Coinbase Pro.

As a result, users who want to engage in MKR governance, use their GNT tokens to submit rendering tasks to the Golem beta network, utilize functionality like Compound, or exit DAI positions in the event of global settlement will need to move their assets from Coinbase Pro to a local wallet.

In Coinbase they said:

“Our US Pro platform, operated by Coinbase, Inc., will support trading in DAI and GNT only. International Coinbase affiliates will support trading in MKR and ZIL for clients in select jurisdictions outside of the US.

We recognize that there are popular assets that we have not yet added to our platform. Our decision to add ERC20 tokens first arises in part from 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.”

In Coinbase they said that they will accept deposits for at least 12 hours prior to enabling trading. Once sufficient liquidity is established, trading will begin on each respective USDC order book. Support for GNT and DAI will initially be available for Coinbase Pro users in the US (excluding NY), the UK, EU, Canada, Singapore and Australia.

MKR and ZIL will not initially be available to customers in the US, but will be tradable to users in the UK, EU, Canada, Singapore, and Australia. Additional jurisdictions may be added at a later date.

There will be four stages to the launch as outlined below. Coinbase plans to follow each of these stages independently for each new order book. If at any point one of the new order books does not meet their assessment for a healthy and orderly market, they might keep that particular book in one state for a longer period of time, or suspend trading as per their trading rules.

Coinbase is Rapidly Improving Their Platform

Arguably the most important announcement for long-time investors, as Coinbase investors have had a limited choice until recently, the inclusion of more tokens follows up on Coinbase’s decision to support ERC-20 tokens.

The exchange has gradually added several tokens to the exchange, such as 0x (ZRX) and Basic Attention Token (BAT).

Coinbase has been the recipient of a lot of public attention in the second half of 2018. With new features and tokens expected in 2019, it is doing a remarkable job of bringing exposure to cryptocurrency, and altcoins in particular.

Most recently, Coinbase announced new features such as instant PayPal withdrawals and feeless crypto-to-crypto conversions.

The new additions have raised some concern in the community. Previously, the company has been cautious to add new coins. The rapid addition of these new ERC20tokens could expose the company to additional liability because of potential securities classification.

Another controversy is why Coinbase has chosen this particular order for token listings. Whether the process is random, or influenced by other factors is subject to speculation.

In Coinbase they said:

“One of the most common requests we receive from customers is to be able to trade more assets on our platform. With the recent announcement of our new listing process, we anticipate listing more assets over time that meet our standards.”

Nonetheless, the expansion of Coinbase’s coin offerings will allow enthusiasts to access a broader range of cryptocurrencies, adding liquidity to the market and possibly even sparking additional adoption.

Coinbase Ventures Backs $3 Million Round for Trading Data Startup Nomics

Crypto data startup Nomics just secured $3 million in funding from investors including Coinbase Ventures.

The company announced Tuesday that the Series A investment will be used to flesh out its engineering team, as well as continue working to index 95 percent of all data pertaining to how crypto assets are traded.

Led by Arthur Ventures, the round also saw CoVenture Crypto, Digital Currency Group, BitGo co-founder Ben Davenport, CityBlock Capital, King Capital, Polymath and TokenSoft participating.

Nomics CEO and co-founder Clay Collins told CoinDesk that, at present, almost every employee at the startup works on development full-time. That reflects the immense amount of data Nomics is trying to index, he said, explaining:

“While it’s a fairly trivial task to price (and have listings for) 95 [percent] of all cryptoassets, getting raw ticks/trades, all on-chain data, and orderbook data (including historical order book) for these assets can prove to be quite an engineering challenge.”

Just for a reminder, in their 8th day, Coinbase introduced a new feature called Convert, which customers can use to convert one cryptocurrency into another.

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