Coinbase Announces Support for COTI on Its Pro Platform

| Updated
by Babafemi Adebajo · 2 min read
Coinbase Announces Support for COTI on Its Pro Platform
Photo: Depositphotos

With the recent announcement, only the Coinbase Pro platform will support COTI.

Coinbase Pro has announced support for the COTI token beginning Wednesday, August 25. Coinbase Pro stated its users will be able to trade COTI on its Pro platform from Thursday, August 26th, 2021. The platform began to accept the inbound transfer of the digital asset from Wednesday, August 25.  However, trading was scheduled to commence at 9 am Pacific time provided liquidity conditions were met.

Once the supply is adequate, trading will begin against the US dollar. As always, the order book will launch in three phases; post-only, limit-only, and full trading. Per the order book, the COTI-USD is expected to transit smoothly across the phases. Where there is an unusual disruption of the market, Coinbase reserves the right to keep the book in one phase for a longer period. Alternatively, trading can be suspended completely.

With the recent announcement, only the Pro platform supports COTI. According to a statement by the company, “COTI is not yet available on or via our Consumer Mobile apps. We will make a separate announcement if and when support is added.”

Coinbase Offers Support for New Coins

Coinbase is known to accede to the request of its users to list more assets ever so often. Provided the asset meets the minimum standard specified in its listing process, Coinbase extends support for the asset. The latest addition of the COTI comes as no surprise. Currently, the platform lists over 50 assets and continues to expand its portfolio. This is in line with the company’s mission to create an open financial system for the globe.

Of all crypto exchanges, Coinbase has the third-highest trading volume,  over 56 million users are trading and a market capitalization of $67.24 Billion as of August 2021.

COTI is an acronym for ‘currency of the internet”. It is the native token of the Coti project, a DAG protocol suitable for the creation of stable coins, and decentralized payment systems. The project runs on the decentralized ledger, Trustchain, and powers over 100,000 transactions per second. In addition, it allows online and offline payment and allows businesses and institutions to develop their stable tokens.

Following the announcement, the price of the token spiked by up to 75%. Any more buying pressure will push COTI above its all-time high of $0.60. At the time of writing, the price of COTI was $0.3997 with a 24 -hour trading volume of $437,172,935.

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