Coinbase Pro – an exchange designed for professional traders to buy and sell digital currencies – has launched full trading services for Basic Attention Token (BAT).
People Are Seeking Variety
Responding to a common customer desire, Coinbase Pro wrote on its official blog page:
One of the most common requests we receive from customers is to be able to trade more assets on our platform. With the recent announcement of our new listing process, our customers can expect us to list more assets over time that meet our present standards.
The organization had previously explained that trading BAT would be the new “norm” after November 2, and that deposits would be accepted for roughly 12 hours before full trading was enabled. Once sufficient liquidity was established, customers could trade their USD for USD Coin (USDC) – a new stablecoin supported by Coinbase – and begin trading on the BAT/USDC order book.
How Does This Work?
The BAT launch occurred in four different phases. The first was “transfer-only,” in which customers – beginning in early November – could transfer BAT into their Coinbase Pro accounts, though orders on BAT would remain unfulfilled for approximately 12 full hours.
From there, the launch moved to phase two, entitled “post-only.” During this time, customers could post limit orders, though there would not yet be matches or completed orders, and order books would be in post-only mode for roughly one minute each.
Third was “limit-only,” in which limit orders would begin matching while customers waited to submit their market orders. Order books would ultimately remain in limit-only mode for approximately ten minutes or more.
Lastly came “full trading.” This was the final step in which full trading services became activated and were available to Coinbase Pro customers in most jurisdictions.
Keeping an Eye on Things
BAT trading still remains in its early stages, and executives are looking to test things out to see if customers benefit from the currency’s offerings. They’re also looking to keep the environment safe for customers by closely monitoring trading activity and taking quick action should an order or transaction ever became problematic. Coinbase Pro wrote:
If, at any point, the BAT/USDC order book does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period or suspend trading as per our trading rules. Any other BAT order books we launch will also go through the same stages.
Coinbase Pro has explained that while BAT trading is available to customers in most jurisdictions, residents of New York will be required to undergo a waiting period. In addition, BAT is not presently available on Coinbase.com or on the company’s iOS or Android applications, though the company is looking to change this soon.
Are you looking forward to trading BAT yourself? Post your comments and tell us why!
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