Starting today you can buy, sell, receive, store, trade, and send ERC-20 tokens using the Bitcoin.com Wallet.
What are ERC-20 tokens?
ERC-20 is the standard protocol for creating tokens on the Ethereum blockchain. There are over 450,000 sets of ERC-20 tokens as of 2021 and they collectively represent hundreds of billions of dollars in value. All ERC-20 tokens “live” on Ethereum, meaning they benefit from the security of the second-largest blockchain by marketcap and are composable with smart contracts.
Does the Bitcoin.com Wallet support all ERC-20 tokens?
Any and all Ethereum-compatible tokens sent to your Bitcoin.com Wallet’s Ethereum addresses are safe and secure. However, since there are hundreds of thousands of ERC-20 tokens out there, it’s not practical to display them all in the Wallet. That’s why we’re starting off by ‘tracking’ a selection of the most widely used ERC-20 tokens. For instance, when you open the wallet, you’ll now have quick access to the US dollar crypto ‘stablecoins‘ USDT and USDC. Additionally, the wallet will track five other major ERC-20 tokens at the outset. These are Uniswap, Wrapped BTC, Compound, Yearn Finance, and Sushiswap.
What can you do with ERC-20 tokens in the Bitcoin.com Wallet?
- Buy, sell, send, receive, and swap
If you’re in a supported region, you can buy USDT and USDC tokens in the Bitcoin.com Wallet using local currency (by credit card etc.). If you’re resident in the US, UK, or EU, you can sell USDT or USDC tokens and receive local currency straight to your bank account.
The Bitcoin.com Wallet supports all other functions of ERC-20 tokens for all users. That means you can send and receive them, swap them for any of the other cryptoassets in the Wallet, and of course store them securely.
- Lock in profits with the most popular USD-pegged stablecoins
With USDT and USDC now supported, you can swap out of more volatile cryptoassets like Bitcoin, Ethereum (and now ERC-20 tokens!) to, for instance, lock in profits if you think the market is overheated. Then trade back into the coins you think are due for a run.