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Coinbase Pro is one of the leading trading platforms in the United States and its support of Polygon, Skale, and SushiSwap makes a credible case for the growing strides of DeFi in the crypto sphere.
Coinbase Pro has announced its support for three new digital assets including Polygon (MATIC), an Ethereum-based token that powers the Polygon Network, Skale (SKL), a leaderless consensus protocol, and SushiSwap (SUSHI), a decentralized exchange and automated market maker. According to the official blog post shared by the company, users can start transferring the tokens ahead of each of the coin’s trading initiation.
The listing of new tokens is most times in response to the growing demand from customers and also highlights growth on the path of the trading platform. The addition of these new tokens is not an exception and the firm noted that official trading for each coin will commence on or after 9 AM Pacific Time (PT) Thursday, March 11, provided that all liquidity conditions are met.
Per the details shared, the trading of the newly added virtual assets will be available in all of the regions supported by Coinbase with the exception of SushiSwap which will not be available to users in New York State.
“Once sufficient supply of MATIC, SKL and SUSHI is established on the platform, trading on our MATIC-USD, MATIC-BTC, MATIC-EUR, MATIC-GBP, SKL-USD, SKL-BTC, SKL-EUR, SKL-GBP, SUSHI-USD, SUSHI-BTC, SUSHI-ETH, SUSHI-EUR, and SUSHI-GBP, order books will launch in three phases, post-only, limit-only and full trading,” the official announcement reads, adding that failure to meet the right conditions may “keep the book in one state for a longer period of time or suspend trading,” in line with its trading rules.
The addition of Polygon and the other two tokens consolidates earlier moves by Coinbase Pro to list The Graph (GRT), Aave (AAVE), Bancor (BNT), Synthetix (SNX), and Filecoin (FIL) amongst other emerging digital assets.
Coinbase Pro Backing of Polygon, Skale, SushiSwap: Case for DeFi Popularity
Coinbase Pro is one of the leading trading platforms in the United States and its support of Polygon, Skale, and SushiSwap makes a credible case for the growing strides of decentralized finance in today’s crypto sphere. The three coins are built on the Ethereum Network with a non-negligible adoption rate and user base.
MATIC which Coinbase exchange itself has a stake in as a result of a 2019 investment in its parent company, has grown by 1461% year-over-year, SKL on the other hand has accrued 279.7% in the past month while SUSHI has grown by about 45% from February to date.
Trading or investments in digital currencies is regarded as a highly volatile and risky endeavor per a stern warning to investors issued by the New York Attorney General’s Office earlier this month. However, while operating under the provisions of US Laws, Coinbase Pro is succumbing to the trends in the cryptocurrency ecosystem which is currently seeing the massive embrace of decentralized finance tokens, per investment, and trading activities.