Coinbase has added EOS, Augur (REP) and MakerDAO (MKR) tokens to its professional trading platform, the major U.S.-based crypto exchange announced on Monday.
Per the company’s blog post, Coinbase Pro would start accepting customer deposits in the listed tokens at 19:00 UTC on Monday, April 8. The firm noted that both EOS and Augur (REP) were currently available in all jurisdictions where Coinbase Pro is accessible, with the exception of New York State.
Customers can, however, buy MakerDAO’s MKR in all Coinbase Pro-supported jurisdictions outside of the United States.
EOS and REP tokens will have trading pairs against the U.S. dollar, the euro, and Bitcoin (BTC). MKR, in contrast, will only be available for purchase using BTC or USD Coin (USDC), a stablecoin jointly issued by payments technology firm Circle and Coinbase.
Trading for the cryptos will not be enabled immediately as token integration will undergo a four-stage process.
The first is the deposit only stage where users will be able to transfer EOS, REP, and MKR to their personal accounts, for a period of at least 12 hours since the announcement.
Afterward, but in a very short period, Pro clients will place limit orders that won’t be matched.
Then, Coinbase’s trading engine will begin matching the limit orders though clients won’t be in a position to place market orders for 10 minutes.
Finally, full trading services will be made available, with customers able to access limit, market, and stop orders.
The first of many tokens
Augur’s Reputation token (REP) is an Ethereum-based (ERC-20) token used to reward reporters who announce the outcome of events on online betting markets. Rewards go to those who give accurate reports on the outcomes of the events under prediction.
The Maker (MKR) token serves in the governance and management of another Ethereum-based token, the stablecoin DAI. Holders of the MKR have voting rights over the DAI. They recently voted to raise its stability fee by 4 percent in an effort to have it maintain its value at $1.
In its blog, Coinbase reported the high demand from customers to add support for more assets onto their platform. The platform plans to add more assets provided these tokens comply with Coinbase’s terms as defined in the listing process.
In December 2018, Coinbase was reported to have explored over 30 crypto assets for listing. The three tokens added this Monday- EOS, REP and MKR- were at the top of that list.
For a long time, Coinbase only offered four cryptocurrencies in BTC, ETH, LTC, and BCH. However, 2018 saw it add several altcoins, which continued into 2019 with the listing of XRP and Stellar (XLM) in February and March respectively.
The firm also announced the launch of a staking service for holders of Tezos (XTZ). The service allows XTZ holders to earn interest on their tokens held in cold storage but which they can lend to “bakers” on the Tezos network.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.