Coinbase is the largest cryptocurrency exchange in the world, currently valued at more than $8 billion. The company serves more than 20 million global customers in 42 countries. In May this year, the company announced that it was adding the EOS cryptocurrency to its list of supported currencies. The currency is now available to retail traders through its mobile apps and web platform. Customers in all the places it does business except in New York and London are able to trade the currency.
Unlike Bitcoin, EOS is a cryptocurrency that is designed to support large-scale decentralization applications. It competes more with Ethereum, which is an open source public blockchain-based distributed computing platforms used in the smart contract industry. There are no fees needed to send or receive EOS but instead, it uses resources like RAM, CPU and network bandwidth.
The entities that run the EOS network are continually rewarded using the EOS currency. According to Coin market Cap, EOS is the sixth largest cryptocurrency in the world with a market capitalization of more than $5.9 billion. It is below Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash. It is however one of the fastest growing currencies because it was formed in 2018. In response to the news, EOS has risen by 24% in the past month, which is higher than Ethereum’s gains of just 10%.
The move by Coinbase came a few months after it published a list of 30 cryptocurrencies it planned to launch in future. By publishing the list of the proposed currencies long before the launch date, the company avoids the accusation of insider trading. This was revealed in a lawsuit filed in the U.S District Court in California, where the plaintiffs accused the company of making false statements during the launch of bitcoin cash.
As a relatively new blockchain project, EOS use is still in its infancy. Still, it has continued to grow to take a considerable market share from Ethereum, which was formed by Vitalik Buterin. It is also the largest altcoin added to Coinbase after the company added Ripple early this year. Ripple is a cryptocurrency in the money transfer industry and is being tested by major companies like Western Union and MoneyGram.
At the International Financial Services Advisors (IFSA), we are experts in the blockchain industry. We leverage our experience and expertise to advise clients launch their ICOs. In this, we help them get licenses in Estonia and Malta, structure their ICOs, and perform annual audits.