Coinbase announces support for ERC20 tokens

After Coinbase has long resisted vehemently against adding new tokens to the portfolio, yesterday, an announcement took place, which could have far-reaching consequences for the crypto market.
Coinbase will go on to support ERC20 tokens in the coming months.

Yesterday, Coinbase announced on its blog that they will implement the technical standard of the ERC20 tokens in the coming months. Here, Coinbase clearly emphasizes that there will be no more precise specification, but all other details are discussed and implemented step-by-step within the Digital Asset Framework.

This internal workflow contains a whole range of different parameters, which are examined by several committees of different legal and risk platforms (to name but a few factors). The main responsibility lies with the internal "Asset Selection Committee", which initiates the inclusion of new assets in accordance with the aforementioned framework.

Last year, Coinbase started trading for Bitcoin Cash, which ended in disaster.
The Bitcoin cash trade had to be stopped after 2 minutes, as it came to an extremely price increase and purchase offers.
To solve the problem, the complete "Order Book" was emptied and all transactions deleted or reset. In order to avoid such an event again, Coinbase has developed the plan just described, which should ensure a smooth and orderly process.

Recently, we reported that there were far-reaching rumors within the cryptocommunity that would add Coinbase Ripple to their listing. This ignited hype drove the ripple up in no time and shows how strongly such headlines can affect the crypto market.
However, as quickly as the price showed a steep peak, the price dropped within the next 24 hours, after it was cleared that these rumors were untrue.

With more than 10 million users, Coinbase is one of the world's largest platforms that can significantly impact price by simply listing a cryptocurrency. Unfortunately, the entire crypto market is currently dominated by the bear, so this message has no effect on market capitalization or the prices of individual currencies. Not even Ethereum showed a significant reaction.

The GDAX trading platform, which to date only supports Bitcoin, Ethereum, Litecoin and Bitcoin Cash, will wait for the company to release all "regulatory details" before new assets are added to the platform.

The next time will tell if these measures by Coinbase will have a significant impact on the crypto market.