The past week has been a revelation to any cryptocurrency investor out there. However, for Qtum (QTUM) supporters and investors, it may only be the start of a remarkable year to come. Coinbase on its part announced in late March of its intention to add ERC20 tokens on the platform. In this article we explain why QTUM may be one of the first Ethereum-based tokens to be listed on one of the largest cryptocurrency exchanges.
As QTUM price looks towards breaking the $100-mark for the second time ever in its history, listing on Coinbase will be key. The first time the coin breached the $100 mark, was back in January while coins such as Bitcoin, Ethereum and Ripple saw their price triple in a matter of months. QTUM hit $103.04 then recording an all-time high for the token and was listed 11th in the Coinmarketcap rankings. Reaching such astronomical highs for a token currently trading at around $20 will require the whole market to turn bullish for some months. However, the possibility of QTUM being listed on the exchange will in no doubt increase the adoption and chances to hit $100 significantly.
Coinbase report on its Medium page did not state the exact date of release or the coins to be added.
“We’re excited to announce our intention to support the Ethereum ERC20 technical standard for Coinbase in the coming months. This paves the way for supporting ERC20 assets across Coinbase products in the future, though we aren’t announcing support for any specific assets or features at this time.”
The Singapore based firm, QTUM Foundation launched QTUM blockchain in early 2017. The blockchain is a fork from the original Bitcoin chain while incorporating Ethereum smart contract technology. QTUM blockchain is an Ethereum based network that simplifies use of smart contracts between businesses and corporations in their daily interactions. Coinbase cryptocurrency exchange is one of the largest exchanges in the world with over 10 million subscribers on the platform. The platform currently allows buying and selling of only four cryptocurrencies at the moment; Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and the recently added Bitcoin Cash (BCH). How exactly will QTUM win the race to be the next coin to be listed on the exchange?
- QTUM is a member of the Trust Alliance
The alliance brings together a number of corporations and industry players in a bid to strengthen connection and development through the alliance. QTUM being a part of this alliance offers it an upper hand over competitors such as Cardano (ADA) and Eos (EOS) in getting listed on Coinbase. More industry players, who are also in the alliance, will look towards the blockchain while looking to integrate smart contract technology. Such adoption will compel Coinbase to choosing QTUM as one of its pioneer ERC20 standard tokens.
- QTUM is no scam
One of the reasons given by Coinbase on why listing ERC20 tokens is a challenge, is the increasing number of frauds in the business. Given the simplified nature of creating your token on the Ethereum blockchain, tens of ICOs crop up on a daily basis, some are scams while others are legitimate. QTUM is one of the serious blockchains in the market offering solutions to businesses and corporations in no way another token has till the moment. The coin currently is taunted by many to be the real challenger to Bitcoin’s over dominance and Ethereum’s scalability problems. What other coin possesses such power to rival the top two coins, at the same time? Not a lot.
Even during this week of positivity, where coins and tokens alike are in green seas, QTUM will still need to do much more to realize its dream goal of $100. It is totally possible for the QTUM token (pronounced Quantum) to 5X during the year however, as stated before the coin will need the whole market to be bullish and not only a listing on Coinbase.