Professional trading arm of Coinbase lists four ERC 20 tokens
One of the leading crypto exchanges in the world, Coinbase announced on Friday that it has listed four ERC 20 tokens-Civic (CVC), district0x (DNT), Loom Network (LOOM) and Decentraland (MANA) — on its professional trading platform Coinbase Pro. This news was made public by the exchange in a Medium blog on Friday.
This latest announcement comes close on the heels of recent launches of 0x (ZRX), Basic Attention Token (BAT), and the stablecoin, USDC (USD Coin) — all of which are built on Ethereum’s ERC20 standard.
“Our decision to add ERC20 tokens first is based on the relative ease of integrating the standard with our existing infrastructure, particularly from a security standpoint,” the blog adds.
As per the blog, Coinbase Pro will start accepting inbound transfers of CVC, DNT, LOOM, and MANA it will accept deposits for at least 48 hours prior to enabling trading.
The trading will begin once sufficient liquidity is established and initially the services will be available for Coinbase Pro users in the US (excluding NY), UK, European Union, Canada, Singapore, and Australia. Other jurisdictions might be added at a later date.
The launch will take place in four stages, which include Transfer only, Post-only, Limit-only, and Full Trading.
- Transfer-only: Initially, the customers will be able to transfer CVC, DNT, LOOM, and MANA into their Coinbase Pro account. To start with they will not be able to place orders and the order books will remain in the transfer-only mode for at least 12 hours.
- Post-Only: In the second stage of the launch, the customers can post limit orders but there will be no matches (completed orders).
- Limit-only: In this stage limit orders will start matching and order books will be in a limit-only mode for a minimum of ten minutes.
- Full Trading: In the final stage full trading services will start including limit, market, and stop orders.
Earlier on Friday, Coinbase announced that it is looking into more than 30 crypto assets and considering them for listing. Some of the more prominent names in the list that San Francisco-based exchange is exploring consists of Cardano [ADA], Ripple [XRP], Tezos (XTZ), EOS (EOS), Enjin Coin (ENJ), Maker (MKR), OmiseGo (OMG), and NEO (NEO).
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