Cryptocurrency exchange Coinbase has published a guideline on how to pass its verification process for ERC-20 tokens.
In a blog announcement, the exchange says it gives particular attention to source code of a potential token for the listing. Coinbase offers to upload the source code for all smart contracts "to a reliable platform," citing to Etherscan or Github.
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Coinbase Blockchain Security Engineer Nadir Akhtar notes startups should use the well-vetted open source standards rather than write code for smart contract from scratch.
"A single developer or team may, regardless of experience, miss a crucial detail, compromising the integrity of the token," he added.
The potential for listing on Coinbase tokens should also have limited scope for privileged roles without"significant power, such as pausing transactions, modifying balances, or completely changing the token’s logic."
The exchange advises using external audit services and preparing a well-organized and up-to-date documentation in which a project described in thorough detail, namely:
- The token’s purpose
- The project’s architecture and dependencies
- Superuser roles which affect the token’s behavior or user funds
- Security controls used to manage superuser keys and roles
Earlier, the US-based regulated crypto trading platform announced it plans to start offering lending services this fall.
The move will allow Coinbase to enter the lending space and become a direct competitor to companies like BlockFi.
The service is reportedly to be launched initially in some US states, where the exchange users will be able to borrow cash and use bitcoin (EXANTE: Bitcoin) as collateral.
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