Coinbase Expands Professional Trading Services with New Ethereum-Based Tokens

[Ozark]

The California-based trading venue listed Dai (DAI), Golem (GNT), Maker (MKR), and Zilliqa (ZIL) in pairs with USD Coin (USDC) on Coinbase Pro.

US cryptocurrency exchange Coinbase has added a new package of Ethereum-based tokens to its professional trading platform, according to a recent company blog post. The exchange backed Dai (DAI), Golem (GNT), Maker (MKR), and Zilliqa (ZIL) trading in USD Coin (USDC) by opening transfer-only mode on Coinbase Pro on Tuesday.

DAI and GNT trading is available in all 28 European Union member states, Canada, Singapore, Australia, and in the United States (except for New York state-based traders).  MKR and ZIL can be purchased by investors from the same territories, except for US citizens. DAI is the second stablecoin that becomes available on Coinbase Pro, after USDC.

DAI, GNT, MKR, and ZIL allow for the creation of smart contracts, but the function would not be available on Coinbase Pro for a certain period of time.

“As a result, users who want to engage in MKR governance, use their GNT tokens to submit rendering tasks to the Golem beta network, utilize functionality like Compound, or exit DAI positions in the event of global settlement will need to move their assets from Coinbase Pro to a local wallet,” the exchange explained.
The assets’ listings follow Coinbase’s four-step process. As at the time of writing, the four new coins were still in the transfer-only mode – the first phase, which allows clients to make transfers of the four tokens to their accounts with the aim to prepare the Coinbase system for the buying and selling of the new cryptos.

Post-only trading is the second mode; clients are allowed to create limit orders, but there will be no matches or completed orders. The step should be followed by limit-only trading when customers can start matching, but they will be unable to submit market orders. The last stage is an implementation of the full buying and selling functions.

Around 20 hours after the Coinbase announcement, all four coins were in a positive market trend, according to Coinmarketcap data. MKR was with the highest increase on a daily basis as the asset rose 16.71%, ZIL – 13.72%, GNT – 12.52%, and DAI – 0.37% as at 15:05 UTC on Wednesday.

Earlier, this month Coinbase Pro added its first package of four Ethereum-based tokens.

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