Coinbase to Enable Digital Asset Trading with Euros
US-based cryptocurrency exchange Coinbase may soon allow its clients to trade digital assets using a euro-supported stablecoin.
On Thursday, the exchange added Euro Coin (EUROC) to its list of tradeable assets. This move was made possible due to the exchange’s collaboration with global fintech firm Circle, which issues Euro Coin.
Circle assures users that Euro Coin is fully backed by euros kept in euro-denominated banking accounts, ensuring its redeemability at a 1:1 ratio with euros.
As of February 2nd, there is approximately $33.3 million worth of EUROC in circulation and $33.5 million in reserves, according to Circle.
Coinbase established its listing roadmap the previous year to promote transparency and minimize the risk of front-running its asset listings.
READ MORE: What is the Impact of Central Bank Digital Currencies (CBDCs)?
The exchange’s CEO, Brian Armstrong, stated that the company’s goal is to list as many cryptocurrencies as possible as long as they meet its standards.
He compared it to online retail giant Amazon, saying that if a product consistently receives low ratings, it may be removed, but otherwise, the market is free to decide its worth.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
