There’s an enormous amount of chat around EOS potentially being the latest cryptocurrency to be added to Coinbase, the world’s largest cryptocurrency exchange.
There are three main schools of thought as to why:
1. Move over Ripple, bring on EOS
EOS is ranked as one of the largest cryptocurrencies out there, falling behind only Bitcoin, Bitcoin Cash, Ethereum, Litecoin (all of which are supported on Coinbase) and Ripple. With Ripple being rejected from the exchange on three separate occasions, even with an offer to pay Coinbase up to $100m just to be included, it doesn’t seem likely Ripple will be joining the ranks of Bitcoin and the other cryptocurrencies any time soon.
So, who’s the next likely contender if Coinbase wants to continue to grow and expand (which all reports indicate it does)? EOS. Not to include this burgeoning cryptocurrency is to potentially miss out on an enormous amount of money – trading volumes for EOS currently sit at over $1bn every single day. Coinbase recently valued themselves at $8bn, and to live up to this ambitious valuation, they may need to consider where to draw new revenue from.
2. EOS finally launch main net
This launch means EOS will no longer be tethered to Ethereum – it’s a coin which will trade off their own code, a unique network. This has made the cryptocurrency inherently more valuable to investors, with prices shooting up as news of the launch was announced: it could be an indicator that the risk of including EOS on Coinbase has plummeted dramatically.
3. Growing competition
Robinhood is a rival coin exchange app which has recently received huge amounts of users, media interest and funding, including a $350m investment from a Russian firm, indicating global interest. With a $5.6bn valuation, 0% trading fees and over 16+ currencies compared to only four, more and more potential cryptocurrency investors are being lured away from Coinbase. Perhaps one of the only ways Coinbase can continue to compete is to differentiate themselves somehow – adding new coins (E.G. offering access to EOS) could be a way to retain their usership and justify their fees.
While nothing is concrete, the reasons for including EOS on Coinbase seem to be stacking up with each passing day – keep watching this space and be prepared for new developments.