Coinbase has stated that it will be adding its first new crypto assets in 2018. Even though people expected the exchange to add Ripple last year its likely not to add it this time as well. Brian Armstrong who is Coinbase CEO has stated that their next additions would be the Ethereum ERC20 tokens. After the announcement Ox and REP went up as invested frequented them to make the cut.
This has come as good news to crypto traders who were very happy with the news released on Monday evening. The last time Coinbase added an asset to its platform was last year when it added Bitcoin Cash. At that time the addition was faced with a lot of criticism and accusation that there was inside trading which led to a lawsuit. This time they seem to have been careful with their news. They, however, confirmed that it’s true that they will be launching ERC20 tokens.
According to Coinbase:
“We are very happy to announce that we will be adding Ethereum ERC20 technical standard for Coinbase in the near future. This will pave the way for supporting ERC20 assets in Coinbase products even though we are yet to announce the support of any specific asset or features at the moment.”
Ripple does not qualify
It’s well knows that Brian Armstrong is a personal lover of Ethereum. This clearly shows why he exchange is willing to add ethereum tokens ahead of established altcoins such as Ripple. Ripple has previously pumped twice over false information that it was being added by Coinbase. However, there seem to be criteria which Coinbase uses to add cryptos. One of the reasons why Ripple may not qualify is that coinbase decrees it essential that the ownership stake retained by the developing team is a minority stake which is not the case with Ripple.
The same reasoning of ownership could also deter other coins like Stellar fro addition which Dash may be ruled out because it’s highly anonymous.
Its likely that the assets to be added will be augur and Ox. Ox is a project which boasts of having three current or former Coinbase employees. The two assets together with ERC20 and other two assets OMG and SNT saw their price go up immediately after the announcement. The momentum was however not long because it was another red day in the cryptocurrency market. However, Coinbase seems to be having a good week having just featured in the intro to HBO’s Silicon Valley.