Coinbase has just announced that it would be listing four new tokens on Coinbase Pro. Hopefully, these four coins might have the privilege of enjoying the ‘Coinbase effect’. The Coinbase effect is a term that is used to describe the price spike and reputation enhancement that follows a coin after it gets listed on Coinbase or any of its subsidiaries. In line with the announcement, users can now transfer their Decentraland (MANA), Civic (CVC), Loom Network (LOOM), and district0x (DNT), balances to Coinbase Pro and start trading tomorrow.
The announcement that was published yesterday was as follows:
“As soon as we have established sufficient liquidity, users will be able to trade on the USDC order book at will. At first, only Coinbase Pro users within the United States (except New York), the United Kingdom, Canada, Australia, and the European Union will be able to enjoy trading these new coins.”
Ethereum (ETH) Price Today – BTC / USD
Each coin launch will occur in four stages. The first stage will be the acceptance transfers into Coinbase. After that, they will be available for post-only. This will give users the power to post only limited orders within a given period. After this, the coins will be fully available for trading on the exchange. At each stage, followers will be updated on the official Coinbase Pro account on Twitter.
All four coins will only be available for advanced trading on Coinbase Pro for now. Keep in mind that this isn’t the standard brokerage platform at Coinbase.com. It is also not the standard on the company’s mobile applications. However, the registration on both Coinbase Pro and Coinbase is free. So, if you want to enjoy using their services and you don’t have a Pro account, you can open one. You may just have to pay a different amount for trading fees and your country may not currently be available on Pro.
The Listing Isn’t Over
Coinbase had initially promised to list more tokens. Even after adding these four new tokens, the exchange announced that the listing isn’t over. More ERC20 tokens will be listed soon. The announcement continued:
“We are still exploring adding more ERC20 tokens on our platform. We will be adding them on a jurisdiction-by-jurisdiction basis. ERC20 tokens are easy to integrate in already existing infrastructures. They are especially good when you consider things from a security standpoint. There are many popular coins we are yet to support.”
In October, Coinbase added 0x (ZRX), an ERC20 token. It also added a stablecoin, USDC (USD Coin) to its list. After that, the exchange added Brave Browser’s Basic Attention Token (BAT) last month. By adding four more tokens to its list of coins this month, the exchange is delivering on the promise it made in March to support as many ERC20 tokens as possible. There are still so many ERC20 tokens left so you should expect more to be added from next year.
Decentraland (MANA), Civic (CVC), Loom Network (LOOM), and district0x (DNT) may get a boost in daily trading volume and price now that they have joined the list of cryptocurrencies on Coinbase, the most popular cryptocurrency exchange in the United States.