In a blog post published on Nov 2nd, leading US cryptocurrency exchange Coinbase has announced that it is accepting inbound transfers of Basic Attention Token (BAT) to Coinbase Pro.
After sufficient liquidity is established via deposits, Coinbase will allow trading on the BAT/USDC order book.
The blog post also notified that while BAT trading will be accessible for users in most jurisdictions, it will not initially be available for residents of the state of New York.
Users have also been asked to note that the BAT is not yet available at Coinbase.com or in Coinbase’s iOS and Android apps. Coinbase is scheduled to make a separate announcement when that occurs.
The rollout of the BAT Launch will occur in four different phases: Transfer-Only, Post-only, Limit-only & Full trading.
In the Transfer-Only phase, customers were given the opportunity to transfer BAT into their Coinbase Pro account at least 12 hours Starting at 1 pm PT on Friday, November 2. Coinbase had also notified that If at any point the BAT/USDC order book does not meet their assessment for a healthy and orderly market, they may keep the book in one state for a longer period of time, or suspend trading as per their Trading Rules.
In the Post-only stage, customers will be able to post limit orders but there will be no matches or completed orders. Order books will be in the post-only mode for a minimum of one minute. This has been done to increase market health during launch.
In the Limit-only stage, limit orders will be matched but customers will not be given permission to submit market orders. Order books will be in limit-only mode for a minimum of ten minutes.
In the full trading mode, full trading services like limit, market & stop orders will be available.
In the past, after every new Coinbase support token announcement, prices of the token have gone up. Similarly, after Coinbase’s announcement, the BAT token rose by more than 20 percent on the day, trading at $0.315, according to CoinMarketCap
The current market capitalization of the token is around $305 million, while its daily trading volume is more than $42 million.
An Ethereum-based token, BAT’s USP is privacy along with its integration with the blockchain-powered privacy-focused web browser Brave. Brave had raised $35 million in 30 seconds during the Initial Coin Offering (ICO) for the BAT.
Coinbase had also launched trading for 0x (ZRX) in October, making it the first ERC-20 token available for trade on the platform. In the same month, the first U.S.dollar stable coin, USDC, was also launched on Coinbase in partnership with blockchain-powered payments technology company Circle.
On the crypto front, the top 20 coins are pretty stable and the sideways movement has continued. As per coinmarketcap, BTC is up by 0.36% and Ethereum is up by 0.65% in the last 24 hours. Among the top 20 coins, Bitcoin cash has risen the most, by 8.40% in the last 24 hours. Following Bitcoin cash is Stellar, which is up by 3.85% in the last 24 hours.