Coinbase To Implement ERC20 Support

The next crypto-asset to be listed on Coinbase has been a hot topic amongst crypto traders and investors. For a while it appeared as though Ripple would be the next crypto-asset to be listed, now it is likely it will be an ERC20 token.

In a blog post released yesterday, Coinbase outlined their “intention to support Ethereum ERC20 technical standard”. However, the support is likely to take months as stated in the blog post.

The blog post clearly mentioned that they “aren’t announcing support for any specific assets or features at this time”. This is not surprising considering the brouhaha caused during the last crypto-asset listing – Bitcoin Cash.

Which ERC-20 Token Will Be Listed?

Coinbase gave no indication as to which ERC-20 token they would be listing. Having upgraded their listing process the blog post stated that crypto-assets will be listed if “liquidity, price stability, and other market health metrics” have been carefully considered.

Currently it is anyones guess as to which tokens will be listed, however, it is a positive sign for the industry as Coinbase, being the largest U.S. exchange, has the power to expand the crypto-asset markets beyond the dominant cryptos such as bitcoinand ethereum. Improving choice, liquidity and legitimacy of this exciting new asset class.

Coinbase Listing Process

After Bitcoin Cash was listed on Coinbase the price rocketed to $9,000 in a matter of minutes only to crash back to $3,000. This led to lawsuits accusing Coinbase of allowing insider trading, due to suspicion trading activity on BCH prior to the launch. As such Coinbase is said they are working hard to improve they listing methodology for new crypto-assets.

The class action lawsuit Berk vs Coinbase, filed on March 1, 2018, in Northern District of California, argues that the Coinbase informed its staff about its plan to add support for Bitcoin Cash trading on its platform. The people who sued, blame Coinbase for insider trading that reflected on Bitcoin Cash’s price as soon it was added to the platform, leaving others with a disadvantage.

Over 5,000 Ugandan Citizens File Petitions Over Cryptocurrency Scam

Michael LaVere
  • Over 5,000 Ugandan citizens petitioned Parliament to issue a refund over funds lost in Dunamiscoins Resource Ltd. closure.
  • Cryptocurrency firm shuttered operation in late December, reportedly taking UGX 23 billion in client funds. 

Over 5,000 Ugandan citizens have petitioned Parliament following a high-profile scam by cryptocurrency firm Dunamiscoins Resource Ltd. 

According to a report by KMA Updates, more than 5,000 Ugandans submitted a petition seeking a refund over money invested in Dunamiscoins, which suddenly shuttered in December 2019. The fraudulent crypto firm billed itself as a privately owned company and claimed it was committed to providing complimentary crypto services to banks in order to benefit the low income and poor. 

In late 2019, Dunamiscoins’s bank account was suddenly frozen, with petitioners arguing that more than UGX 23 billion ($6.2 million) in client funds was locked in the firm. 

Arthur Asiimwe, de facto leader of the petitioners, told the Speaker and members of Parliament, 

[The] government licensed this company and gave it the go-ahead to work as a non-deposit taking financial institution; it carried out its duties as a microfinance company. They gave unrealistic bonuses.

Asiimwe and other petitioners argued that Dunamiscoins was operating as a microfinance company despite being registered as a non-deposit financial institution. While two of the company’s three directors have been arrested, Managing Director Susan Awoni remains at large. 

Asiimwe continued, 

We are not satisfied with what the Police report that they have failed to arrest the third director. We request that the Financial Intelligence Authority follows this up and trace where the money is and we are refunded.

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