03-27-2018: Coinbase Adds Ethereum ERC20 Token Support

The GDAX exchange by Coinbase announced their intention to support the Ethereum ERC20 standard on GDAX. This prepares GDAX to support trading of ERC20 assets, although they are not announcing support for any specific asset at this time. As detailed in their process for adding new assets, they are announcing this decision internally and to the public at the same time. 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. [GDAX]

Monero Developers have threatened to go any length in fighting miners. The threat is coming after Bitmain made an announcement this month that it designed a new ASIC-powered Antminer X3 purposely to mine Monero and cryptocurrencies that are dependent on CryptoNight algorithm. The developers says it will safeguard Monero by making sure the new device is made inactive. The latest update branded as Lithium Luna will take effect from April and it is expected to alter the proof-of-work algorithm that has the potential to prevent DoS attacks by ASICs (Application-specific integrated circuits). [Ethereum World News]

Twitter has publicly announced that they will start instituting a ban on cryptocurrency ads, including ICOs, following in the footsteps of Google and Facebook. They will begin the crypto crackdown due to an ongoing effort to reduce fraud and protect users. It is important to note that this Twitter ban is not a complete and total one. Cryptocurrency wallet services and exchanges that are publicly listed on “certain major stock markets” will be allowed to continue advertising their services. In Japan, only those exchanges that are under the country’s Financial Services Agency regulation will be allowed to advertise. [Bitcoinist]

LitePay, a much-hyped payment service allowing vendors to accept and instantly convert Litecoin payments into fiat currencies, has ceased all operations. The Litecoin Foundation announced yesterday that LitePay CEO Kenneth Asare has shut down all operations related to the project and is actively preparing to sell the company. According to a post on its official website, the Litecoin Foundation had previously questioned Asare’s “less than transparent nature with the company” and mirrored the community’s lack of confidence following his recent Reddit AMA. In turn, Asare asked the Litecoin Foundation for more funding — which was denied. [Bitcoinist]

Many regulators, experts, analysts believe that cryptocurrency markets still lack proper oversight and regulations. According to a recent report by VentureBeat, senior U.S. Securities and Exchange Commision (SEC), Brett Redfearn, stated that the current state of cryptocurrency markets resemble the “Wild West”. The Securities and Exchange Commission (SEC) is mainly concerned with cryptocurrency market manipulation, cybersecurity, fraud, money laundering and terrorist financing. Redfearn stated in the article:

“I’m not sure all of the rules would translate over, but there are certainly principles that exist in that space that we have to then apply in some respect to what’s happening with crypto-asset trading,” But the SEC isn’t just only concerned with cryptocurrencies and cryptocurrency exchanges. The SEC is also keeping a close eye on initial coin offerings (ICOs) and token sales. [Bitcoinist]

And lastly, Australia’s government wants to hear from the public about its tax treatment of cryptocurrencies. The Australian Tax Office (ATO) said Monday that it has updated its guidelines for cryptocurrencies on Mar. 13, following an increase in queries from taxpayers. [CoinDesk]

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