A Professional Exchange Gives Three Currencies Their Due
Coinbase Pro is a division of U.S.-based cryptocurrency exchange Coinbase that’s designed with professional traders in mind. Formerly known as GDAX, the platform has sought to heighten cryptocurrency interest and adoption by adding several coins in the past year, including Stellar Lumens (XLM) last March. The platform has also been considering the addition of roughly 30 more tokens – such as Ripple’s XRP – since December of last year (Ripple has consistently been up in the air with exchanges like Coinbase given its potential status as a security).
This time, the contenders are EOS, REP and MKR. Deposits for all three cryptocurrencies were initiated starting on April 8 – roughly 12 hours before trading was set to begin. Customers now have the option of trading EOS and REP against the U.S. dollar, the euro and bitcoin in all Coinbase-supported regions barring New York, where the exchange does not operate due to BitLicense requirements. MKR can be traded against both bitcoin and USD Coin in all Coinbase-supported regions outside the United States.
At press time, all three assets are only available via Coinbase Pro, and cannot be traded through the standard Coinbase.com platform. Executives say they will release a separate announcement should this ever change.
The trading launch for all three listed tokens occurred in four different stages. The first was listed as “transfer-only,” in which customers could only transfer EOS, REP and MKR into their Coinbase Pro accounts without trading or selling them. This stage ceased at midnight, April 9.
The second stage, listed as post-only, occurred in a one-minute window following the end of stage one. Customers could post limit orders, though there would be no matches or complete orders following these posts. Stage three – known as limit-only – occurred in the ten minutes following stage two. During this time, limit orders would start matching, though customers were still barred from submitting market orders.
The final stage, full trading, became active during the early morning hours of April 9. Full trading services are now available to customers, who can post limit, market and stop orders respectively at their leisure.
Traders, Start Your Engines…
In an official announcement, Coinbase left the door open to add more digital currencies in the future:
One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time.
At the time of writing, EOS, REP and MKR are trading for $5.59 (up by 1.7 percent), $20.67 (down by roughly six percent), and $721.40 (up by .8 percent) respectively per coinmarketcap.com.