Coinbase Pro has announced the addition of four more GBP – cryptocurrency trading pairs for its customers in the UK. The move follows the platform’s announcement in August that it would begin allowing deposits and withdrawals in GBP.
New GBP – Cryptocurrency Trading Pairs
The platform announced the move via a blog post published on Wednesday by Coinbase Pro General Manager David Farmer. According to the statement, the platform has been able to secure vital partnerships with domestic banks in the UK. Thus, customers can enjoy a seamless trading experience on Coinbase Pro.
With the platform already supporting BTC–GBP, Coinbase pro has decided to add Ethereum, Bitcoin Cash, Litecoin, and Ethereum Classic. The new trading pairs were officially launched on Friday.
According to the statement, the launch of these new trading pairs will follow a stage-wise procedure comprised of three levels – post-only, limit-only, and full trading. For post-only, Coinbase Pro clients will only be able to post limits without the option of matches.
In the limit-order stage, order matching will commence, but customers will not have the option of submitting them. At the final stage, customers will have access to full spectrum trading services such as stop, limit, and market orders.
The statement also revealed that the platform’s Twitter account would provide regular updates as to the status of each phase. Furthermore, order books may remain in one stage or be suspended based on the state of the market as determined by the platform.
Coinbase UK Expansion
The addition of these four GBP – cryptocurrency trading pairs is another step in Coinbase’s rapid UK expansion activities. Since the turn of the year, the largest cryptocurrency exchange platform in the United States has made efforts to extend its sphere of influence in the global digital asset exchange market. It recently solidified its plans for expansion in Ireland.
In March, the company obtained an FCA license granting it access to faster payments. Coinbase inked a partnership deal with UK banking behemoth, Barclays, marking the first-ever collaboration between a virtual currency bourse and a UK bank. At the time, some observers believed that the move was a stepping stone in the creation of a Bitcoin bank. Not done with its UK expansion drive, Coinbase announced its support for GBP on its platform in August.
Will the launch of this new GBP – cryptocurrency trading pairs have any effect on the prices of the respective virtual currencies? Keep the conversation going in the comment section below.
Images courtesy of Shutterstock.