Lykke, a Swiss finTtch company building a global marketplace on the blockchain, today announced that from the latest update to the Lykke Wallet the mobile application will support ERC20 tokens.
ERC20 is a standard for programmable digital tokens, or ‘smart contracts’. Introduced by Ethereum in 2015, ERC20 has since become the predominant ICO technology. Now members of the Lykke community of users will be able to use their Lykke Wallet to store ERC20 tokens.
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“We are pleased to bring ERC20 support to our passionate user base,” said Richard Olsen, Lykke founder and CEO. “When we first developed the Lykke Wallet, we wanted to make it the only digital wallet that anyone would ever need. With storage for the most popular token types and more to come, I’d say we’re off to a great start. And adding ERC20 brings us even closer to our goal.”
While the Lykke Exchange does not yet permit the direct trading of ERC20 tokens, community members may acquire these tokens in an ICO or purchase them on any participating exchange and then store them safely in their private wallet for future trades or simply as investment.
The Lykke Wallet team even advises prospective ERC20 traders and investors on the optimal transfer commission for any given Ethereum operation, including peer-to-peer transactions and token acquisitions. They say that this new feature reduces the risk of cancelled Ethereum transactions.