Will the floodgates open soon?

Coinbase currently provides access to a few select currencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. It's a pretty limited selection, but since it is one of the few trustworthy exchanges in North America that provides fiat to crypto exchanges, it remains tremendously popular. Still, to get any other token or coin, one must send one of these four currencies to another exchange such as Bittrex or Binance and continue trading from there.

Today, Coinbase announced support will be added for ERC20 tokens. Hundreds of currencies running on the Ethereum blockchain are ERC20 tokens, so this opens a broad range of possibilities for the Coinbase portfolio.

No specific coins or tokens were announced today, but it is likely that a large number of ERC20 tokens will be added simultaneously once the service is ready. With Ethereum being down in the dumps lately due to SEC pressures, this could be a boon for the desirability of Ethereum in the near future. Being able to trade from fiat directly to any of a large number of ERC20 tokens would be a significant step forward in accessibility to the broader token market.

As the regulatory grip tightens around ICO's and the token currency system, this bit of good news stands out as a positive amidst the current funk surrounding Ethereum.

*This is not professional trading advice - it's just my opinion!

If you're interested in trading cryptocurrencies, check out Binance by using the link in my profile @xsid and sign up today!

image source:

https://news.earn.com/the-anatomy-of-erc20-6ab09d4206a5