Just some hours after the Coinbase made it public that it was exploring listing thirty-one new digital assets, the exchange’s pro version informed the crypto trading community of its plans to list the ERC20 tokens of district0x (DNT), Civic (CVC), Decentraland (MANA), and Loom Network (LOOM). The announcement then explained why the exchange listed the 4 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 CoinbasePro.” The exchange has started accepting inbound transfers of DNT, CVC, MANA and LOOM on Coinbase Pro. For two days, deposits will be open before the exchange opens trading of the digital assets fully. These 48 hours waiting period is seen as enough time for tokens to get the enough liquidity for each respective USDC order book.
At first, Coinbase Pro users based in the European Union,UK, US, Australia, Singapore and Canada, will first have access to trading.However, New York state residents as well as other jurisdictions will not have access to trading these tokens until a later date. Coinbase also acknowledged that the listing of the new tokens might be seen as a way of the exchange ignoring other well-known cryptos. The team then explained that their decision to list ERC20 tokens was as a result of the ease of integrating the standard on the platform.
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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.”
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