Coinbase Compensates Ethereum Users with OMG Tokens from 2017

Despite for a long time being a crypto trading platform and wallet for only a very limited number of cryptoassets, Coinbase has in recent years expanded on its product offering, which is now benefitting some long-term ethereum (ETH) holders on the platform.

According to a screenshot shared on Twitter by Jordan Spende, Chief Marketing Officer at the wallet management firm MyCrypto, Coinbase is now distributing OmiseGO (OMG) tokens to everyone who held ETH on the platform as of July 7, 2017. That was the day a snapshot was taken of the Ethereum network for OmiseGO’s original airdop, which Coinbase did not support.

As stated in the screenshot, however, Coinbase begun supporting OmiseGO in May this year, which is the reason why they have now decided to distribute the original tokens received by the exchange during the airdrop.

According to the screenshot, the exchange further wrote that “no action is needed” on the part of the user for receiving the tokens. However, it is still unclear how many users can expect to receive OMG tokens from Coinbase, and whether or not the distribution has already been completed. We asked the company for comment.

OmiseGO launched on Coinbase.com on May 21, after first being introduced on the professionally-focused Coinbase Pro a few days earlier. The announcement by the popular exchange, which was made on May 14, led to a massive rally in the price of the asset, which sent it up by 190% in the seven days between the original announcement and its listing on Coinbase.com.

Today’s news also comes after Binance.US, the US-based branch of Binance, said it will list OmiseGO on its platform today.

Traders in the market did not seem to take much notice of the news surrounding OMG, however, sending it up by 1.5% over the past 24 hours to a price of USD 1.62 as of press time on Friday (09:40 UTC). OMG, ranked 39th by market capitalization, is down by 16% in a week, trimming its montly gains to 141%. The price is down by 31% in a year.

OMG price chart: