By
Godfrey Benjamin
April 23rd, 2024
Having an aim to satisfy its customers demand, Coinbase has taken a decision to add BAT to its trading platform and apps.
U.S.-based crypto exchange and wallet provider Coinbase has always been working on expanding opportunities and offerings for its customers. Now it has revealed its initiative to launch full trading of the Basic Attention Token (BAT) on its trading platform and in both the Android and iOS apps.
BAT Listing
Now customers of Coinbase will have a possibility to buy, sell, send, receive, or store BAT which has been added to the list of other eight currencies available. They are Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, ZRX and USDC.
Nevertheless, the company warns that initially residents of the state of New York will not be able to carry out operations via Coinbase trading services, but BAT will be available for users living in most jurisdictions.
According to the information revealed by the company, last week it initiated accepting inbound transfers of BAT to Coinbase Pro, nevertheless, BAT trading will be allowed only after the coin establish sufficient liquidity. By the way, BAT has become the second ERC-20 token to be listed by the company. As CoinSpeaker has reported earlier, the first one was 0x.
The exchange says that BAT token is to go through four stages of listing. The first stage that is already initiated is “transfer-only,” at this stage, users can transfer BAT into Coinbase Pro accounts.
The second one is “post-only” stage that will enable customers to post limit orders. Limit orders will start matching at “limit-only” stage and full access to BAT trading opportunities will be available at the final stage.
New Approach to Listing
The company claims that their initiative to add new coins to its platforms is its reaction to one of the most common requests that they receive from their customers who want to have an opportunity to work with a wider range of assets on Coinbase.
“The new process begins with a form for issuers to submit assets for listing at Coinbase, which we will evaluate against our digital asset framework. The application form and the digital asset framework will be regularly updated, and our form will indicate the latest version of the framework we are evaluating against,” explained the company in its official blog post published on September 26.
According to the company, their main aim at the current stage is to list all assets that correspond to their standards and meet all legal requirements as soon as it is possible. Such an approach can really significantly enhance trading opportunities that platform’s customers have.
Impact on Prices
Coinbase is a very strong player of the market that’s why there is little surprise that its activity with this or that coin may significantly influence its price. After the first announcement about adding of BAT was made, the coin gained nearly 20% over a 24-hour period.
A similar story happened to INXT after it had become known that it would be possible to store INXT in safe Coinbase wallets. Over the previous seven-day period it managed to gain almost 40% against the fiat.