Coinbase announces support for trading Bitcoin, Ethereum and other cryptos using British Pounds (GBP)
Earlier this month, cryptocurrency exchange Coinbase announced that they would be rolling out British pounds (GBP) support for their UK-based customers. Adding to it, Coinbase announced on Thursday that they’re launching a number of new GBP trading pairs.
It starts at 9am BST from Friday 7 September 2018. The announcement was made by David Farmer, general manager of Coinbase Pro, wrote on a blog post. The post mentioned that the new British Pound pairs include ETH/GBP, ETC/GBP, LTC/GBP, and BCH/GPB, along with BTC/GBP pair which is already supported by Coinbase. The blog post also mentioned that with the support of for UK domestic bank transfers in GBP via the Faster Payments Scheme, transferring GBP to their Coinbase accounts “is now significantly easier, faster and cheaper for UK customers”.
Coinbase has also mentioned about their trading rules and wrote, “If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one stage (as identified below) for a longer period of time, or suspend trading as per our Trading Rules.”
According to the post, each of the new offering will at first go through a post-only phase. Followed by which will be a limit-only stage before full trading services are made available. In the blog post, Farmer wrote, "As outlined below, there will be three stages to the launch. We will follow each of these stages independently for each new order book: ETH–GBP, ETC–GBP, LTC–GBP, BCH–GBP. Each phase will be announced in real time via Coinbase Pro’s Twitter."
In the post-only phase, the exchange will customers to post limit orders but matching will not be available for at least 10 minutes. In the second stage, that is, in the limit-only stage, limit orders will start matching. However, customers will not be able to submit market orders. In the final stage, trading services will be available fully including limit, market, and stop orders.
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