Adding Ethereum ERC20 Support to GDAX
We’re pleased to announce our intention to support the Ethereum ERC20 standard on GDAX. This prepares GDAX to support trading of ERC20 assets, although we are not announcing support for any specific asset at this time. As detailed in our process for adding new assets, we are announcing this decision internally and to the public at the same time.
What is the ERC20 standard?
ERC20 is a technical standard used for Ethereum smart contracts. ERC20 assets have become a popular way for teams to quickly build interoperable contracts with a defined set of functions and events. Toshi, Coinbase’s Ethereum wallet and Dapp browser, recently added support for the ERC20 standard.
What does ERC20 support mean for GDAX?
Adding ERC20 support allows for a path to the safe recovery of ERC20 assets that are inadvertently sent by customers to GDAX. Once we receive additional regulatory clarity, we also intend to support trading of ERC20 assets that meet our Digital Asset Framework. We will not add assets to the exchange, however, until we are comfortable that we can comply with applicable legal and regulatory requirements.
You can read more about Coinbase’s decision to support the ERC20 standard here.
Thanks to Varun Srinivasan.
Check out the original article here.