US-based cryptocurrency exchange Coinbase is expanding its UK pound sterling (GBP) offering with four new crypto trading pairs.
After adding British pounds to its list of accepted fiat currencies last month, Coinbase is now including Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), and Bitcoin Cash (BCH) to the initially available Bitcoin (BTC)/GBP trading. The altcoin pairs will be launched gradually on the Coinbase Pro platform on Friday, the exchange said in a blog post on Wednesday.
To ensure that there is a smooth and orderly adoption in the market, the roll-out will be undertaken in three stages: post-only, where users will be able to post limit orders but there will be no matches (completed orders); limit-only, where limit orders will start matching but customers are unable to submit market orders; and full trading. Each of the first two stages is scheduled to last for a minimum of 10 minutes.
“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,” Coinbase’s statement read.
The UK is becoming attractive to large cryptocurrency exchanges, with Binance and Huobi also entering the market in recent months. Amid this increasingly competitive backdrop, Coinbase is aiming to position itself as the platform of choice in the UK.
In March, Coinbase obtained a bank account with banking giant Barclays, in a deal which marked the first major partnership between a UK lender and a cryptocurrency exchange. Later the same month, Coinbase was granted an e-money license by the UK’s regulating Financial Conduct Authority (FCA). Last month, the company announced that it would be adding support for Faster Payments on its site, representing another step in improving the user experience for British users.
“With support for UK domestic bank transfers in GBP via the Faster Payments Scheme, it is now significantly easier, faster and cheaper for UK customers to trade cryptocurrencies on the Coinbase platform,” the company’s latest post notes.