Coinbase Now Supports Cryptocurrency Token EOS

by Osiris Team


Posted on May 30, 2019, 11:48 p.m.
Development
Time to read: 1 min
EOS

Major United States-based cryptocurrency exchange and wallet service Coinbase has added support for EOS, according to a press release on May 30.

The new addition is reportedly available for trading and storage in most areas covered by Coinbase, with the exception of the United Kingdom and New York at press time.

The announcement also notes that there are no transaction fees associated with EOS; the cost is instead paid in computing resources, such as a tax on RAM, CPUs, or network bandwidth. Users that run the network also earn EOS by contributing to the computational power needed to run transactions.

EOS is one of the largest cryptocurrencies recently added to the exchange — with a market cap of over $8 billion — since Ripple’s token XRP was added in February. Coinbase also recently added support for two more tokens, stablecoins dai and USD Coin (USDC).

Earlier in May, Coinbase also expanded its global offerings, with announced trading support for over 50 new jurisdictions and an educational program with small crypto payments, Coinbase Earn, that is available in over 100 countries.

More recently, Coinbase Vice President of Business, Data and International, Emilie Choi, confirmed that decentralized trading is not on the agenda for the exchange right now. Choi commented on issues of compliance being a deterrent to Coinbase launching a decentralized exchange (DEX), saying:

“We have to make sure that if we offer a dex that we’re doing it in a way that is safe and secure and compliant. I think that there’s not a lot of clarity right now on how that would work. We think this space is interesting but we’re not actively investing in it right at this moment.”


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