Coinbase Custody Rolls Out Support for Ethereum-Based USDT

Vandana  |  May 30, 2020

Coinbase Custody, a digital asset coverage provider has recently announced its support for Ethereum-based USDT. Currently, the firm is supporting a total of three stablecoins which includes DAI, USDC and Compound USD. Now by extending its support for USDT, it has added one more stablecoin to its platform. It was tweeted by the firm on Saturday, i.e. May 30 that the platform is providing support for both withdrawals and deposits of ERC20 token, USDT. In the crypto market, Coinbase effect is a term that is used to indicate the rise of various cryptocurrencies on the exchange.

Coinbase Custody International (CCI) now supports deposits and withdrawals for the ERC20 token Tether ($USDT) https://t.co/y4NV8jgtUP pic.twitter.com/DwcxXLrFc9

Coinbase added two cryptocurrencies recently

According to the announcements by Coinbase, it has added two cryptocurrencies to its platform recently which has caused a positive effect on their prices. MakerDAO (MKR) and OmiseGo (OMG) are the two cryptocurrencies which have been added to the platform.

On May 19, when OMG was added on Coinbase, it experienced an increase of 100% which is huge. MKR, on the other hand, has seen an increase of 50% ever since it has joined the platform. However, the platform has not started accepting the MKR deposits yet as it will start accepting those from June 08. Now with the addition of USDT, it is expected that the exchange will be able to expand its market across Asia.

The platform does not support derivatives or margin trading

Most of the leading crypto exchanges are supporting the derivatives or margin trading on their platforms. However, Coinbase has not extended its support for this yet. It has been assumed that the major reason behind this might be the regulatory limitations in the U.S. Back in the previous year, the exchange started crypto-to-crypto trading across 103 countries. Now with USDT, the firm will be expanding its market in Asia and with this, it will be able to increase its customer base on the platform.

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