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Bitcoin Exchange Coinbase Adds Ethereum Trading; Set for Rebrand

Last Updated March 4, 2021 4:48 PM
Samburaj Das
Last Updated March 4, 2021 4:48 PM

Bitcoin exchange Coinbase has revealed that it is adding support for Ethereum’s native currency Ether.

Prominent bitcoin exchange Coinbase will soon add digital currency on its trading platform, with trading to commence on Tuesday, May 24.

The inclusion of ether on the trading platform comes at a time when there is an increased interest in the second major cryptocurrency after bitcoin in market captalization, amid increased valuation of Ether.

Coinbase will also be rebranding the name of its trading platform to GDAX, or Global Digital Asset Exchange, revealed Reuters . The change in the platform’s name is enforced to reflect the increasing number of digital assets listed for trading on the exchange.

Speaking to the publication, Adam White, vice president of business development at Coinbase stated:

We’re very excited about Ethereum. There has been a ton of progress made in the last six to nine months. We have seen hundreds of emerging decentralized apps launched on Ethereum.

White highlighted Ethereum’s “scripting language” as one that cannot be mirrored by Bitcoin, leaving the two predominant cryptocurrencies to co-exist without any friction.

Besides the renaming of its trading platform, Coinbase will still retain its name for bitcoin and ether exchange services.

Ethereum Makes Gains

Coinbase including Ether is only the latest case of Ethereum’s native currency being embraced by major exchanges.

Kraken recently became the first ever digital currency exchange to introduce Ether Dark Pool trading in its platform while the Winklevoss twins’ led Gemini exchange became the first licensed exchange to offer Ether trading. Gemini gained approval from the state of New York to include Ether trading and was launched earlier this month.

GDAX will start ether trading in nearly every state except New York, where Coinbase is in the process of applying for a license in the state.

Coinbase has not made an official announcement about the launch of ether trading nor its rebranding and is expected to do so soon.

 Featured image from Shutterstock.