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Coinbase Pro says that these new tokens will launch if certain liquidity conditions are met and there is sufficient supply.
Coinbase Pro announced that starting from October 6th, the platform will begin accepting inbound transfers of some additional tokens. The newly-listed digital assets are Function X (FX), Jasmy (JASMY), tBTC (TBTC), and Wrapped Centrifuge (WCFG). The new asset listings will roll out into four phases, namely, transfer-only, post-only, limit-only, and full trading. Furthermore, Coinbase Pro says it reserves the right to ‘keep the book in one state’ for a longer period. This especially holds true if certain market criteria are not met – including a healthy and orderly market.
The exchange pointed to its ‘Trading Rules’ section to serve as guidelines for users. In addition, Coinbase Pro says it will publish tweets from its official Twitter account as each order book moves through the phases. Furthermore, the newly-added digital assets are yet to be available on Coinbase.com or consumer mobile apps. The company promises to make an announcement “if and when this support is added.”
The Newly-added Digital Assets
Function X (FX) is an Ethereum-backed token that powers the Function X blockchain, cross-chain protocol, and platform for decentralized applications. FX functionality is versatile and can pay for services including smart contract creation and data storage. Furthermore, players can use it to vote for network upgrades and for network staking.
Jasmy (JASMY) is Ethereum-based and powers Jasmy, an organization that develops Internet of Things (IoT) platforms. Jasmy primarily decentralizes the coordination of devices and data networks using edge computing and storing it on IPFS, a decentralized storage network. Furthermore, Jasmy’s operational approach is peculiar and a deviation from the norm, which utilizes centralized servers. In addition, Jasmy can facilitate the transfer of tokens between devices and payment for network services.
tBTC (TBTC) is yet another Ethereum token designed to represent Bitcoin (BTC) on the Ethereum blockchain. Powered by the Keep Network, TBTC is a separate ERC-20 token that tracks Bitcoin’s value. The Keep Network allows users to deposit Bitcoin in return for tokenized TBTC. Users can subsequently proceed to use the aforementioned tokens across the Ethereum ecosystem.
Wrapped Centrifuge (WCFG) is also an Ethereum token that represents Centrifuge (CFG) on the Ethereum blockchain. However, Wrapped Centrifuge is not CFG but rather a separate ERC-20 token that tracks the price of CFG, the Polkadot-based native token of the Centrifuge Chain. Furthermore, CFG can facilitate staking and on-chain governance.
Coinbase Pro Previously Incorporated a Multitude of Other Tokens to its Platform
Coinbase Pro added trading support for a slew of other listings recently. They include Avalanche (AVAX), Adventure Gold (AGLD), Braintrust (BTRST), Rari Governance Token (RGT), XYO Network (XYO), and DerivaDAO (DDX). Other listings are DFI.money (YFII), Radicle (RAD), COTI (COTI), Axie Infinity (AXS), Request (REQ), TrueFi (TRU), and Wrapped Luna (WLUNA). Finally, Harvest Finance (FARM), Fetch.ai (FET), Paxos Standard (PAX), and Polymath Network (POLY), and Clover Finance (CLV) round out the list.