On Monday evening, the popular exchange Coinbase announced that they were adding ERC20 support to their platform. ERC20 is the popular Ethereum blockchain that is used as the base for hundreds of different alt coins. Obviously this is spurring on rumors that they will be adding one or more alt coins to their list of options to buy in the near future.
Of course, they haven’t announced any specific coins or tokens that they would be adding to their list yet, but speculations are in no short supply.
This is extremely important because Coinbase is the way that most people, especially those in the US, are able to ‘onboard’ US Dollars into crypto. For the average investor the process of buying any alt coin starts with purchasing Bitcoin or Ethereum on Coinbase, and then transferring that to the exchange of their choice.
If Coinbase adds in one or more alt coins to their list of available options, it would undoubtedly cause that specific coin or token to rise dramatically. The ability to buy a specific coin or token with US Dollars will make it very attractive, and very easy to buy.
Perhaps more importantly, however, is the fact that getting listed on Coinbase will add a high level of legitimacy to the coin or token in question. This will help to build consumer confidence, which will further spike the price.
Anyone who is able to predict which coin or token will be added to Coinbase first will undoubtedly be able to make a lot of money.