Coinbase Launches EOS Support

Coinbase Launches EOS Support

According to a recently published press release, Coinbase will be including support for EOS on its trading platform. The press release announcement was published on the 30th of May.

Coinbase’s Ever Expanding Number Of Supported Digital Tokens

The support for EOS will reportedly be accessible for trading and storage in most jurisdictions where the Crypto exchange and wallet service is available. However, the press release states that the new addition is not yet available for users within the United Kingdom and New York.

The press release notes that although no transaction fees will be applied to the new addition, the costs will be applied on computing resources like tax on CPU, RAM or bandwidth of the network. Users who will be operating the network will also get EOS through their contribution to the computational power required for the completion of transactions.

EOS is among the major digital tokens added recently by the United States-based Crypto exchange. It comes after the addition of Ripple’s XRP which was included to the platform in February. EOS boasts a market cap of more than $8 billion. The exchange also recently announced the addition of two other tokens- the Dai and USDC (USD Coin) stablecoins to the coins already supported by the platform.


Decentralized Trading Not On Coinbase’s Agenda At The Moment

Earlier this month, the Crypto exchange also announced that it will be expanding its global offerings. Coinbase revealed that it will be supporting trading in over 50 more newly added jurisdictions. Also launched was an educational program for Crypto payments made in small amounts dubbed Coinbase Earn which was made available in more than 100 countries.

Emilie Choi, the exchange’s Vice President of Business, Data and International recently revealed that Coinbase was not focusing on decentralized trading at the moment. The reason for decentralized trading taking a back burner according to Choi is the issues it has run into in terms of compliance.

In her comments, Choi said that in order for Coinbase to offer decentralized trading, it has to ensure that the service is provided in a manner that is not only safe and secure, but also compliant. Choi added that with there being a lack of clarity on how compliance will be possible in decentralized trading, the Crypto exchange is not actively investing in it at the moment even though it finds the space interesting.

EOS Sees Over 100% Value Increase Within Two Months

Although the EOS platform is still new in the market, it has received considerable adoption by developers within the dApps space. Considering its infancy, the platform is proving to be a deserving competitor to the network developed by Vitalik Buterin.

According to data on CoinMarketCap, the latest addition to Coinbase’s Crypto listing family has seen more than 100% increase in its price within the last two months. This impressive increase in price seems to be as a result of investors buying into the digital currency with the expectation of a boost in the user adoption.

May 31, 2019

About Author

Samantha Mitchell

Leave a Reply

Your email address will not be published. Required fields are marked *