Coinbase Pro Announces Support for New Tokens: 1INCH, ENJ, NKN and OGN

UTC by John Kiguru · 2 min read
Coinbase Pro Announces Support for New Tokens: 1INCH, ENJ, NKN and OGN
Photo: The Coinbase Blog

Coinbase Pro continues to explore new digital assets to add to their platform. On Wednesday, April 7 it announced it is listing a number of tokens that have shown promise to investors and passed their standards.

Coinbase Pro has announced plans to support such tokens as 1inch (1INCH), Enjin Coin (ENJ), NKN (NKN) and Origin Token (OGN). In a blog post, the exchange indicated that clients could begin sending these tokens to the exchange. However, trading would begin on or after 9 AM Pacific Time (PT) Friday, April 9, if liquidity conditions are met.

Announcing the support for new tokens, Coinbase Pro noted in a post:

“Once sufficient supply of 1INCH, ENJ, NKN, OGN is established on the platform, trading on our 1INCH-USD, 1INCH-BTC, 1INCH-EUR, 1INCH-GBP, ENJ-USD, ENJ-BTC, NKN-USD, NKN-BTC, OGN-USD and OGN-BTC order books will launch in three phases, post-only, limit-only and full trading.”

The coins are not yet supported by the main platform, or the mobile app. This is the set trend by the exchange where coins are first tested on the Coinbase Pro before finally being listed on the main platform following trading success. The most recent coin to go through this cycle is Cardano (ADA).

Coins that make it into the main platform also experience a “Coinbase effect” phenomenon. Of all exchanges, Coinbase has the highest return on tokens following their listing. Coins listed gain an average of 91% in five days according to research firm Messari. And Cardano did miss out on this treat. If and when the new tokens end up being supported, the exchange has stated it will notify users.

Token Prices Reaction to the News on Coinbase Pro Listing

1INCH is an Ethereum token that powers a decentralized exchange. It finds the best rates and efficient routes to swap across decentralized exchanges. Since the announcement, the coin has gained as much as 25%, topping $6.

ENJ, also an Ethereum based token aims to help retailers, institutions and brands to use non-fungible tokens (NFTs). With the rise of NFTs, the Enjin ecosystem and ENJ have been growing and performing exceptionally. At the time of press, the coin has climbed to $3 after gaining as much as 33%.

NKN aims to create an ecosystem for decentralized applications promoting peer-to-peer data transmission and connectivity with unutilized bandwidth. The token has gained more than 60% to reach $0.83.

Origin Token (OGN) is an Ethereum-based token powering decentralized and peer-to-peer marketplaces. At the time of press, the digital asset is up by 40% and trading for $3.34.

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John Kiguru

Kiguru is a fine writer with a preference for innovation, finance, and the convergence of the two. A firm adherent to the groundbreaking capability of cryptographic forms of money and the blockchain. When not in his office, he is tuned in to Nas, Eminem, and The Beatles.

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