Coinbase Launches EOS for Retail Traders, ETH Rival Down 10%

The listing might put Coinbase under pressure from regulators as some analysts claim that EOS is more like a security.

Coinbase has just made a big splash with the addition of EOS, the digital currency that intends to support more efficient operations for decentralized applications than existing platforms such as Ethereum. The new coin is now available for retail investors through the company’s Android and iOS apps.

The move comes barely two months after Coinbase enabled support for EOS, as well as other cryptos such as Maker and Augur, on the exchange’s professional trading platform, Coinbase Pro.

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The announcement notes that EOS will be available to customers in all supported jurisdictions with the exception of the New York State and the United Kingdom due to their tighter regulations.

EOS is one of the largest platforms for building decentralized applications, which recently attracted many companies that were built on Ethereum’s protocol.

EOS price doubles in two months

Although EOS platform is still in its infancy stage but has seen considerable adoption by dApp developers and proved to be a worthy opponent to Vitalik Buterin’s network.

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The latest member of the cryptocurrency family has soared more than 100 percent over the past two months, according to CoinMarketCap, as investors bet on more user adoption.

At the time of writing this article, the announcement was only a few hours old, EOS is still down nine percent during the day. The coin was last valued at $7.31, with a market capitalization of $6.7 billion. The trade volume over the past 24 hours showed growth, with a recorded value of $4.68 billion.

The newest listing, however, might put Coinbase under pressure from regulators as some crypto analysts claim that EOS is more like a security rather than a cryptocurrency.

Coinbase was dogged by allegations of insider trading in late 2017 after it listed Bitcoin Cash, the Bitcoin fork. As such, the exchange is making listing announcements internally and to the public at the same time to remain transparent with its customers about support for future assets.

Coinbase recently has broadened its altcoin reach, adding Ripple-associated XRP in February and Dai (DAI) stablecoin.

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