Coinbase Announces Ethereum Support and Exchange Rebranding

News and Analysis

One of the world’s leading bitcoin exchanges and wallet providers Coinbase has announced it intends to add Ethereum to its list of services. Additionally, Coinbase exchange will undergo rebranding, resulting in a new name and logo.

According to Coinbase’s VP for business development Adam White, Etheres will become tradeable as of May 24. Since the same day and henceforth, the exchange will be known as GDAX, which is an acronym for Global Digital Asset Exchange.

“In addition to better highlighting the exchange that Coinbase is becoming we’re rebranding as GDAX, which stands for Global Digital Asset Exchange,” White told CoinDesk.

He added that Ether support for all Coinbase users will be added later this summer.

The rumors concerning possible addition of ETH by the California-based exchange have been circulating for a while. Back in March, Ethereum founder Vitalik Buterin presented a project at the company’s headquarters. However, the exchange’s founders Brian Armstrong and Fred Ehrsam declined to confirm any of such rumors.

White, however, stated that Coinbase has been watching Ethereum closely for a long while. The company is aware of all recent news of the platform, especially due to personal communication with Buterin, as well as from the media. White noted that Coinbase employees have been involved in multiple Ethereum meetups for research purposes. However, they got really interested only when Ethereum had announced its partnership with Microsoft Azure.

Eventually, the company started developing various Ethereum-based services, including wallets. The exchange, according to White, saw an “unprecedented” support for Ethereum from its clientele. It all has led to the decision of adding the second capitalized cryptocurrency.

“We’ve always focused on bitcoin because that’s been the most popular but as other currencies come on line we always evaluate them. When ether came online it was a no-brainer,” White said.

He also noted that Coinbase is very interested in The DAO, a decentralized autonomous organization built on Ethereum’s blockchain, which is used both as a financing tool and a token. The latter is used as a voting mechanism and a shareholder rewarding method.

“I’d be remiss to say we’re not investigating that. But there are a number of legal and business questions we’re trying to answer. That doesn’t mean we’re going to add 15 new currencies over the coming weeks, but we’re paying attention,” White added.

Numerous exchanges have already added Ethereum to their platform. The most recent example thereof is New York-based Gemini. Kraken, which supports Ethereum since last August, has also recently announced Ethereum trading via so-called dark pools.

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