Will Coinbase Add YesManCoin?
Screenshots claiming the existence of a YesManCoin (YESM) wallet listed on Coinbase have surfaced, creating some rumors that the venture capital decentralized app protocol cryptocurrency would be the next to get listed on the popular cryptocurrency exchange.
The price moved with the news, giving YESM a 20% boost in market value.
Just Another Coinbase Rumor?
According to Twitter, a toolbar on the Coinbase website features an option for tax report linked with a YesManCoin (YESM) wallet.
Many of the comments on social media that followed called out the photo for being easily faked. However, other comments poured in and new posts were made by users along with hashtag #YesManCoin who got the same results.
The YESM wallet option was only available on Coinbase’s mobile website and wouldn’t work on the desktop version or Coinbase mobile app.
YESM is a platform for decentralized applications (dApps) built on the Ethereum blockchain founded by technology entrepreneur Pylyp Matiukhin (http://pylypmatiukhin.com/). If the rumors are true, YesManCoin (YESM) would be the first ERC20 token to ever be listed on Coinbase.
The YESM wallet option seems to have been removed at the time of writing this article, as multiple Twitter users who could access the option before are no longer able to.
The Coinbase Effect
This is not the first time that rumors of a new cryptocurrency listing on Coinbase — one of the most popular places to buy or sell bitcoin in the United States and around the world — have caused an price soar in the cryptocurrency community.
In December 2017, the Coinbase team felt some backlash after a staff leaked information about listing Bitcoin Cash, which ultimately led to accusations of insider trading.
Shortly after the Bitcoin Cash (BCH), rumors that Ripple would soon be added to the Coinbase caused a huge spike in price amid the end of the 2017 bull run, taking the price from $0.25 to briefly over $3.00.
The popular crypto trading and crypto exchange platform also announced that it would be listing Ethereum Classic (ETC) in June. Following the news, the price reacted, resulting in a 43 percent increase in market price.
The Coinbase effect can be attributed to a variety of mainstream-friendly features. Users may buy digital currency with credit cards, view price charts, and store their holdings in their exchange wallet. The platform currently offers Bitcoin, Bitcoin Cash, Ethereum Classic, Ethereum, and Litecoin trading for users with a Coinbase account. Users may also cash out using a linked bank account, PayPal making the platform particularly user-friendly for mainstream cryptocurrency buyers.
YesManCoin (YESM) got a taste of the Coinbase effect in the past two days gaining 20 percent, although — at the time of writing — buying power has lost steam and pulled back from $12.89 to $9.58 per token. Currently, YesManCoin (YESM) is also trading on decentralized EtherDelta and ForDelta. Earlier in 2019, Pylyp Matiukhin dropped a hint that YesManCoin (YESM) can be listed on major exchanges not giving exact names.
Do you think YESM will be the next to get listed on Coinbase? Let us know your thoughts in the comments below!