Coinbase Adds Support for EOS Cryptocurrency on Retail Site and Apps

Coinbase has added support for the EOS cryptocurrency for its retail customers. The exchange announced in a blog post on May 30 that the option would be available on Coinbase.com and its Android and iOS apps, allowing users to buy, sell, convert, send, receive or just store EOS. The token was added to its Pro platform back in April. While the EOS option is now available for customers in “most” of Coinbase’s served jurisdictions, the U.K. and the U.S. state of New York are not included initially. “Additional jurisdictions may be added at a later date,” said the company. In the post, Coinbase describes EOS, saying: “EOS is a cryptocurrency designed to support large-scale decentralized applications. There are no fees to send or receive EOS. Instead, the protocol requires EOS to use resources like RAM, CPU, and network bandwidth. It also rewards the entities that run the network periodically with new EOS, effectively substituting inflation for transaction fees.” The addition of the token comes after Coinbase said last September that it would more quickly add new cryptocurrencies, at the time releasing a new listing process for crypto assets. In December, it published a list of 30 assets it planned to list in the future, including EOS. That arose from a new policy of revealing future listings long before launch, likely to avoid accusations of insider trading as happened when it added bitcoin cash in November. According to CoinMarketCap data, EOS has seen a price bump in the last several days, though this appears to broadly align with the general market movements for top cryptocurrencies. There’s also been speculation that EOS developer Block.One may announce notable news on June 1. At time of writing, EOS is trading at $7.66, down 5.3 percent over the last 24 hours. Coinbase image via Shutterstock