Bitcoin exchange Coinbase to add Ether to trading platform

The addition of ether comes given the surge in interest in the digital asset among financial institutions such as Barclays and UBS as well as other enterprises worldwide like IBM, which are trying to explore the Ethereum network.

Ether is the digital currency for the Ethereum platform, a blockchain, or public ledger that can create decentralized applications. Ethereum, which uses ether to execute peer-to-peer contracts automatically without the need for intermediaries, was co-founded and invented by 22-year old Russian Canadian programer Vitalik Buterin.

Coinbase also plans to change the name of its platform to GDAX (Global Digital Asset Exchange). The name Coinbase, however, will be retained for its retail service such as exchanging USD for Bitcoin or ether.

According to coinmarketcap.com, ether is trading at USD 14.28, with a market capitalization of about USD 1.1 billion, the second largest behind Bitcoin. Bitcoin currently has a market cap of USD 6.9 billion. Daily volume for ether is around USD 48 million, while average daily volume for Bitcoin is USD 87.2 million.