In a press release dated March 26, 2018, Coinbase published a report on its intention to add Ethereum ERC20 support for its range of products. By supporting the Ethereum ERC20 technical standard, the US-based firm can add a lot of “altcoins” on its wallets and exchanges, thus opening the gates for a flood of new investors.
Adopting More Users with ERC20 Token
Whenever Coinbase makes an announcement, it generally causes an influx of new investors, as the company has a large and trusted user base around the world, but primarily in America.
While the announcement has had no significant impact on the market yet, attributing to the general bearish sentiment, the news is important in paving the way forward for an increased number of people purchasing, using, and trading cryptocurrencies apart from bitcoin and ether.
The Ethereum Foundation has set a standard for tokens which are built on its platform.