By
Chimamanda U. Martha
April 19th, 2024
Besides its listing of BUSD, the Coinbase exchange also announced its support for the Oasis Network through the listing of its ROSE token.
American cryptocurrency trading platform, Coinbase Global Inc (NASDAQ: COIN) has announced it will be adding support for the Binance USD (BUSD), a stablecoin that is native to the Binance exchange platform.
According to the announcement, the version of the BUSD stablecoin that was supported is that of Ethereum (ERC-20), and the trading platform warned its customers not to make the mistake of sending BUSD deposits on other networks as their funds may be lost.
“Coinbase will add support for Binance USD (BUSD) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds may be lost. Inbound transfers for this asset are available on Coinbase & CoinbaseExch in the regions where trading is supported,” Coinbase said in a tweet published on Tuesday.
Coinbase will add support for Binance USD (BUSD) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds may be lost. Inbound transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported. pic.twitter.com/LkwEc1NXBc
— Coinbase Assets (@CoinbaseAssets) April 26, 2022
The Binance USD stablecoin was launched by Binance, the world’s largest exchange by trading volume back in 2019 in conjunction with Paxos. Since its introduction, the BUSD has gained massive traction and is now the dominant stablecoin in the Binance ecosystem. At the time of writing, the stablecoin has a market capitalization of $17.38 billion and was comfortably sitting at the 13th spot of the largest digital assets profiled on CoinMarketCap.
BUSD has its own blockchain protocol dubbed the BNB Chain, and that Coinbase is not supporting this particular network has somewhat stirred an outrage amongst the community. One Twitter user with the handle @shaiss said:
“What the heck. Why on earth would you add eth @binance $busd. Support busd on native @BNBCHAIN that would make way more sense.”
Just as is typical of the Ethereum blockchain, gas fees will notably impact the broad adoption of the BUSD token on Coinbase, and the community is already making a fuss about this is a bad start for the entire move by the American trading behemoth.
Coinbase Exchange and Support for Oasis Network (ROSE)
Besides its listing of BUSD, the Coinbase exchange also announced its support for the Oasis Network through the listing of its ROSE token. The announcement sent a very bullish surge through the ROSE ecosystem, driving higher demand for the token which added over 20% to grow from $0.20 to $0.24.
The Oasis Network prides itself as a leading privacy-enabled and scalable layer-1 blockchain network. The protocol combines high throughput and low gas fees with secure architecture to provide a next-generation foundation for Web3 and power Decentralized Finance (DeFi), GameFi, Non-Fungible Tokens (NFTs), Metaverse, Data tokenization, and Data DAOs.
Coinbase exchange is a very selective trading exchange that only lists proven tokens with innovative technologies. While BUSD cannot soar in price because of its stable nature, the Coinbase listing is billed to have a profound effect on the future price of the ROSE token with its exposure to the American investing populace.