Coinbase has added four new coins on its retail trading platform Coinbase Pro. The new assets available are Civic (CVC), district0x (DNT), Loom Network (LOOM), and Decentraland (MANA), all of which are ERC20 tokens. The exchange enabled users to deposit their coins ahead of trading.
Seven ERC20s Grace Coinbase
Earlier in the year, Coinbase decided to increase the number of new tokens on its platform and leaned towards tokens created with ERC20 standards. It has already listed, Basic Attention Token (BAT), USDC (USD Coin) and 0x Protocol (ZRX) to its platform. The four new tokens take the ERC20 token tally to seven.
On its move to add Ethereum-based tokens to its exchange, Coinbase 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.”
The exchange also said that some other popular assets had not been added to the platform yet, but it is exploring the option to do so. In a separate post, it informed that the Ripple’s XRP and Cardano’s ADA are some of the assets that the exchange is considering.
Trading Is Beginning on Coinbase
The exchange noted that it would start accepting inbound transfers for all four tokens later on the day of the announcement, December 8. Deposits will be accepted for at least 48 hours before trading begins. As soon as the exchange generates enough liquidity for the coins, it will start trading on USDC order books.
The coins are available to trade for users based in the US (except for the state of New York), European Union, the UK, Singapore, Australia, and Canada. Coinbase may enable trading in additional jurisdictions later. None of the assets will be available for users of Coinbase.com or on the exchange’s mobile apps yet.
As usual, the trading of each coin will be enabled in a four-stage process. In the Transfer only phase, the users will be able to deposit CVC, DNT, LOOM, and MANA into their Coinbase Pro accounts. This phase will continue for at least 12 hours. In the Post-only stage, customers will be able to place limit orders. After at least one minute in the second phase, the Limit-only phase will help in matching limit orders of the users for at least ten minutes. Finally, Coinbase will begin the Full trading stage where users will be able to place, stop, limit and market orders.