With Binance's own BNB Chain, BEP-20 tokens are a novel concept designed to rival the likes of ERC-20 tokens, but does Coinbase support BEP-20?
BEP-20 can be defined as a token standard on the BNB Chain that extends ERC-20 and acts as a general format to help developers launch different types of tokens on Binance. This forms part of the wider Binance ecosystem plans, which include a Binance NFT marketplace and Binance NFT games.
So, with new Coinbase listings added every month, is there a chance these could ever be BEP-20 tokens?
Coinbase BEP-20: Does Coinbase Support BEP-20 or BNB Chain?
According to the official Coinbase blog post, the exchange does not support BEP-20. Tokens and transactions relating to BEP-20 remain on a separate blockchain ecosystem somewhat exclusive to Binance.
BEP-20 tokens are built on a similar format as BEP-2 tokens - both created by Binance. As such, Coinbase does not support either of these formats.
The exchange further clarified that any deposits made via BNB to Coinbase wallets may render the funds inaccessible and unattainable. It said:
Any deposits sent via the Binance Chain into a Coinbase account will not be credited and your funds will be lost.
According to Coinbase:
BEP20 tokens have a similar address format as Ethereum and share the same properties of the ERC20 standard, however, they are not the same. BEP20 tokens are on a separate network, which Coinbase currently does not support.
For more articles like this, take a look at our Planet Crypto page.