Coinbase Opens Trading Services for 4 New ERC20 Coins
The American exchange listed Civic (CVC), district0x (DNT), Loom Network (LOOM), and Decentraland (MANA) in four markets.
US-based cryptocurrency exchange Coinbase has opened trading services for four new Ethereum-based ERC20 virtual assets. Civic (CVC), district0x (DNT), Loom Network (LOOM), and Decentraland (MANA) entered the post-only order book phase several minutes after 16:00 UTC on Monday. The listing of the coins follows a four-step process.
All of the new projects are available on the Coinbase Pro platform. The beginning of post-only trading services is the second step after the opening of deposit functions later on Friday. The exchange allowed clients to transfer the four tokens into their accounts for 48 hours to prepare the system for the buying and selling of the assets.
“Once sufficient liquidity is established, trading will begin on each respective USDC order book. Trading will initially be accessible for Coinbase Pro users in the US (excluding NY), UK, European Union, Canada, Singapore and Australia. Additional jurisdictions may be added at a later date,” Coinbase explained in a blog post.
Post-only trading means that customers can make limit orders, but there will be no matches or completed orders. The phase should be followed by limit-only trading when clients can start matching but they will be unable to submit market orders. The last stage is enabling of full buying and selling services. Typically, the three trading steps continue for around an hour or more.
The new listings follow an exchange announcement from last week, when the Coinbase said it would analyze the possible addition of 31 new coins, among them XRP (XRP), Stellar Lumens (XLM), and Cardano (ADA). Civic, district0x, Loom Network, and Decentraland were also in the list.
Currently, Coinbase Pro supports trading in Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Ox (ZRX), Zcash (ZEC), and Basic Attention Token (BAT). In October, the exchange joined Circle’s US dollar-pegged project USD Coin (USDC) and added the asset as a basic currency. In September, the trading operator announced support for ERC20 tokens without outlining concrete projects.
Coinbase Pro is among the largest global crypto markets with more than $92 million in trading volume for the previous 24 hours to 16:47 UTC on Friday, as per Coinmarketcap data.