Users of the CoinJar platform will now be able to trade, buy, sell, and make deposits and withdraws in the following ERC20 tokens: USD Coin (USDC), Basic Attention Token (BAT), and 0x Token (ZRX). Prior to the addition, the exchange only supported Bitcoin, Ethereum, Ripple, Zcash, and Litecoin trading on the platform.
Regarding why they chose these tokens, CoinJar CEO, Asher Tan, said:
“There are more than 57 stablecoins and thousands of ERC-20 tokens now on the market, which is why it is important for Australians to be able to buy, sell and trade these coins on a trusted platform,” Tan said. Each coin is designed to be used for a specific trusted purpose, and we’ve selected USDC, BAT, and ZRX to lead our offering as the most in-demand coins on the market.”
Tan also points out that the reason stablecoins and ERC-20 tokens have become so popular is due to the fact that they offer protection from the volatility of bitcoin and other prominent altcoins.
“Volatility has been a primary trait, and also criticism, of bitcoin and other digital currencies,” stated the CEO.
“With more people owning and using digital currencies, non-volatile digital currencies create utility as a bridge between crypto and existing financial systems.”
“We’re continuing to see a maturing market with Australians treating bitcoin and other large-cap cryptocurrencies as they would a commodities investment, while ERC-20 tokens now providing a product that will allow us to use digital currency in a different way.”
Tan also explained that this latest addition to the Coinjar listing signifies just the beginning of the “stablecoin invasion” and that ERC-20 tokens will see more development in 2020.
Featured image: CryptoNinjas