Coinbase Pro Adds ETH-Based Quartet; Golem (GNT), Dai (DAI), Maker (MKR) and Zilliqa (ZIL)

Coinbase Pro extended its run of listing Ethereum-based tokens on Tuesday, when it announced the addition of Golem (GNT), Dai (DAI), Maker (MKR) and Zilliqa (ZIL).

The exchange recently released a list of more than thirty coins and tokens that it had signalled for immediate attention. After the listing of four ERC-20 tokens last week, and the four mentioned above, the list has now has twenty-three coins remaining.

Coinbase Lists ERC-20 Tokens

According to Tuesday’s tweet from the Coinbase Pro team:

Inbound transfers for DAI, GNT, MKR, and ZIL are now available in the regions where trading is supported. Traders cannot yet place orders and no orders will be filled. Order books will be in transfer-only mode for a minimum of 12 hours.

Depending on where you’re based, you may not have full access to the complete range of services. The four tokens have been split into two different jurisdictions, as per the Coinbase Pro blog post:

Support for GNT and DAI will initially be available for Coinbase Pro users in the US (excluding NY), the UK, EU, Canada, Singapore and Australia. MKR and ZIL will not be available to customers in the US, but will be tradable in the UK, EU, Canada, Singapore and Australia on Coinbase Pro.

Dai is a dollar-pegged stablecoin which is backed by the funds of Maker token holders. The fact that Coinbase has found reason to separate two tokens which are part of the same ecosystem suggests the legal hoops they’re being forced to jump through are complex.

Utility or Coinbase Roulette?

Coinbase reminded everyone that the utility and functions of these assets would be lost if left on the Coinbase cold wallet:

Each of these tokens has associated functionality, some of which may be in beta. Moreover, each token’s associated functionality is not currently directly accessible via the Coinbase Pro platform.”

Some social media users questioned the function of these tokens, however, and one also questioned Coinbase’s motivations in listing them:

“@CoinbasePro lists 4 more random ERC20 coins. – Because it’s easy to add more ERC20 coins – Because in 2017 consumers wanted more coins – NOT because there’s huge demand for these particular coins Do you ever recall seeing a community coin poll at Coinbase? Binance runs them…”

Just another disgruntled bag-holder, or does he have a point?

Price Movement

All tokens mentioned were on the rise along with the rest of the market before the Coinbase announcement dropped, but news of the listings kicked the surge into second gear.

Zilliqa was the strongest performer out of the four, climbing 14% from a token price of $0.013988 up to $0.015963.

Maker gained just over 12% on its value, moving from $367 up to the $414 range. Golem climbed 11.9%, only days after hitting an all-time low following a 95.5% decline. Dai remained somewhat stable, although has been above its dollar peg for the last few days, falling from $1.07 to $1.02 in the last twenty-four hours.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.