We’re excited to announce our intention to support the Ethereum ERC20 technical standard for Coinbase in the coming months. This paves the way for supporting ERC20 assets across Coinbase products in the future, though we aren’t announcing support for any specific assets or features at this time. We are announcing this both internally and to the public as consistent with .
ERC20 is a technical standard used for Ethereum smart contracts. ERC20 assets have become a popular way for teams to quickly build interoperable contracts/assets. More recently, our Ethereum wallet and Dapp browser .
What ERC20 support means for our products
— the Custody team is evaluating a set of assets to support for deposits and withdrawals. Note: Custody will likely support more assets than those available to trade on GDAX or Coinbase for the foreseeable future.
— the GDAX team will wait for additional regulatory clarity before we which ERC20 assets to support on GDAX. Support for ERC20 will also give us a path to enabling the safe recovery of customer ERC20 assets inadvertently sent to GDAX Ethereum addresses.
— , any asset listed on GDAX will be added to the Coinbase Index on a market capitalization weighted basis.
— , Coinbase will only list assets after they are listed on GDAX. After evaluating factors such as liquidity, price stability, and other market health metrics, we may choose to add any ERC20 asset added to GDAX to the Coinbase platform. It’s also worth repeating that GDAX will likely have more assets listed on the platform than the Coinbase platform, i.e. listing on GDAX does not guarantee listing on Coinbase.
Additionally, like GDAX, support for ERC20 will also give us a path to enabling the safe recovery customer ERC20 assets inadvertently sent to Coinbase Ethereum addresses.
— no planned ERC20 support at this time.
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At times when the Indian crypto community is dealing with increasingly hostile environment, an initiative is bringing new investors on board. bitcoin gift vouchers are gaining popularity in India’s IT hub – Hyderabad. A growing number of Indians like the idea of a cheap and low-risk entry into cryptocurrencies.
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Buy Your First Satoshis for Just ₹200 INR
Gift vouchers offered at Hyderabad coffee shops are fueling both curiosity and demand for bitcoin. Sold for as little as ₹200 Indian Rupees ($3) they offer an opportunity to enter the cryptocurrency ecosphere with a micro investment that bears virtually no risk. It turns out that more and more Indians buy the vouchers to surprise friends and family or even for themselves.
“I have heard from a few friends about bitcoin and how they have gained a lot. Although they have invested huge amounts, this is only a small sum. Once I learn a little more, I can trade in a big way,” a buyer says, quoted by the Times of India. Cryptocurrency traders demand a huge cut when approached by a potential investor, he adds. His words confirm that bitcoin remains attractive in India, despite the recent market lows and the intensifying institutional clampdown.
, India’s fourth most populous city, has become an industrial and financial hub over the past decades. It is one of the largest contributors to the country’s GDP and has been called the “City of Pearls”, “India’s pharmaceutical capital”, and the “Genome Valley of India”. In recent years Hyderabad has turned into a global hub for information technology, adding another nickname – “Cyberabad“. Leading multinational corporations from the sector have opened offices in the local . An estimated 400,000 people are employed by tech companies operating in Hyderabad.
Dropping Trading Volumes
Many of those tach-savvy Indians have invested in cryptocurrencies and others want to get involved. The bitcoin vouchers they are offered have been issued by a local crypto exchange urging you “to buy your first bitcoin”. Trading platforms in India have been experiencing an unprecedented in volume over the past few weeks. Representatives of leading exchanges have confirmed that trading has decreased up to 90% in just two months.
Although market volatility has obviously played a role, Indian traders have blamed two other major factors for the low turnover. They have complained about increasing regulatory uncertainty and a widening bank clampdown that have limited opportunities for both cryptocurrency exchanges and individual investors.
While the crypto community is still for a comprehensive legal framework for the sector, officials have that adopting effective regulations is proving difficult. At the same time, commercial banks have suspended accounts of bitcoin exchanges and restricted crypto-related transactions of private individuals. Tax authorities are also , despite the on how to report crypto incomes and profits.
Do you think micro investments are a good opportunity to bring more people into the crypto world? Would you buy a bitcoin gift voucher for someone you know? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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