By
Godfrey Benjamin
May 10th, 2024
Civic, district0x, Loom Network, and Decentraland are already available to trade on Coinbase Pro.
Coinbase, the leading US exchange, is continuously developing and adding the number of tokens traded on its platform. Recently, Coinbase started exploring a possibility to add support for a list of 31 coins, including XRP, currently the second-largest cryptocurrency by market cap. The exchange has also leaned towards tokens created with ERC20 standards. Such coins as Basic Attention Token (BAT), USD Coin (USDC) and 0x Protocol (ZRX) have already been listed on its platform.
On Friday, Coinbase threw crypto fans into a fever of joy. The company announced adding four new assets to its advanced trading platform Coinbase Pro. Such Ethereum-based (ERC20) tokens as Civic (CVC), district0x (DNT), Loom Network (LOOM), and Decentraland (MANA) are already available to trade.
Trading on the CVC, DNT, LOOM and MANA order books is about to begin. These order books will now enter post-only mode. Customers can post limit orders but there will be no matches. Order books will be in post-only mode for a minimum of 1 minute. https://t.co/drhrNCKQOG
— Coinbase Exchange 🛡️ (@CoinbaseExch) December 10, 2018
The exchange said:
“Our decision to add ERC20 tokens first is based on the relative ease of integrating the standard with our existing infrastructure, particularly from a security standpoint.”
As Coinbase said, the launch will be carried out in four stages. The first Transfer-only stage took place on Friday. Coinbase enabled its customers to transfer CVC, DNT, LOOM, and MANA into their Coinbase Pro account. However, they were not able to place orders and no orders were filled on these order books.
In the second stage, dubbed as Post-only, customers can post limit orders but there are no matches (or completed orders). Order books will be in a post-only mode for a minimum of one minute. This market state has been shortened to improve market health during launch.
The third stage Limit-only means that limit orders will start matching but customers are unable to submit market orders. Order books will be in a limit-only mode for a minimum of ten minutes.
Finally, in the Full trading stage, full trading services will be available.
The coins are already available to trade for users in the US (except for the state of New York), European Union, the UK, Singapore, Australia, and Canada. Later, Coinbase may enable trading in more jurisdictions. It is notable that the assets are not available for users of Coinbase.com or on the exchange’s mobile apps yet.
Coinbase to Add More Assets
Currently, Coinbase is evaluating such assets as Cardano (ADA), Aragon (ANT), Dai (DAI), Kin (KIN), Request Network (REQ), Status (SNT), Stellar (XLM), Tezos (XTZ), and others. However, the company does not guarantee that all of them will be listed for trading, as “adding new assets requires significant exploratory work from both a technical and compliance standpoint.”
Coinbase said:
“Furthermore, our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet.”
If approved by Coinbase, the tokens will be able to strengthen their positions at the market, as their prices are likely to surge. The tokens that have been added to Coinbase Pro have already experienced leaps in price.
For example, District0x is up more than 50% in US dollar terms since Friday, while Decentraland added close to 30% from its bottom. Loom Network has also added about 30% from a bottom of roughly $0.036 and currently makes up $0.047 per coin.