Cryptocurrency Exchange Coinbase now Supports EOS
Buy, Sell, and Store EOS at Coinbase
Users of the cryptocurrency exchange platform Coinbase can now buy, sell, convert, send, receive, or store EOS.
In a surprise announcement, Coinbase declared that EOS can now be traded by the majority of its users except for those living in the United Kingdom and New York. “Additional jurisdictions may be added at a later date,” the blog post reads.
The announcement comes just a few days after the U.S.-based exchange added Maker’s DAI stablecoin to its arsenal of tradable cryptocurrencies. Looking at the past couple of months, Coinbase seems to be on a sort of token listing spree having added support for several cryptocurrencies.
Also worth highlighting is Coinbase’s changing attitude towards cryptocurrencies that are not necessarily related to bitcoin. A fair guess could be that the pressure of market demand, coupled with industry rival Binance’s exhaustive cryptocurrency catalog, might have encouraged Coinbase to be more open to cryptocurrencies with different utilities.
The exchange also seems to be steadily diversifying its business into different verticals of the cryptocurrency industry.
As reported by BTCManager on May 17, 2019, reports emerged stating that Coinbase was considering acquiring Hong Kong-based cryptocurrency custody firm Xapo for about $50 million. The decision to enter the digital asset custody market makes strategic sense as it would work as a hedge against the volatile price fluctuations of cryptocurrencies.
Ranked number five in terms of market cap on CoinMarketCap, EOS is a smart-contract platform that aims to become the go-to platform for companies looking to develop enterprise-grade decentralized applications (dApps).
Interestingly, the platform is highly popular in China. BTCManager reported on March 25, 2019, how China’s Center for Information and Industry Development (CCID) had placed EOS at the top spot, above the likes of ether and bitcoin in its eleventh list of cryptocurrency rankings.