COINBASE: NEXT PHASE
Introducing new trading pairs today
You have probably heard and read enough of the recent $1,000 drop in Bitcoin’s value, and we don’t want to look for new aspects, new triggering factors about it. It is what it is and where it is right now. Instead, we are trying to highlight why today is a big day.
As of today, Friday, September 7th 2018, one of the biggest crypto-currency exchanges, Coinbase, is launching four new its UK pound sterling (GBP) crypto trading pairs.
Coinbase added GBP to its list of fiat currencies in August. It was initially available in a BTC/GBP trading pair. Starging today, four new trading pairs are added gradually: British Pound will be offered for trading with Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), and Bitcoin Cash (BCH). The new altcoin pairs will be available on the Coinbase Pro platform, according to Coinbase’s blog post published on Wednesday.
As Cryptovest.com explains, the US-based crypto-currency exchange wants to make this move as smooth as possible, therefore it is carried out in three 10-minute stages, but the point is that by the end of the day, the new trading pairs will be fully functional if everything goes according to plan.
Coinbase is optimistic about the roll-out of the project but they are prepared for potential bumps:
“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one stage (as identified below) for a longer period of time, or suspend trading as per our Trading Rules,” says Coinbase’s statement.
The United Kingdom has been targeted by several crypto-currency exchanges in recent months, including Binance and Huobi. But today’s top headline is definitely Coinbase’s step to make crypto-trading more convenient for users who wish to use GBP in their trading activities.
As we also reported a few months ago, Coinbase’s first step in this process was its agreement with the British bank giant, Barclays. It was the first significant partnership between a UK-based bank and a crypto-currency exchange. It was followed by the e-money license granted to Coinbase by the UK’s regulating Financial Conduct Authority (FCA) in March.
“With support for UK domestic bank transfers in GBP via the Faster Payments Scheme, it is now significantly easier, faster and cheaper for UK customers to trade crypto-currencies on the Coinbase platform,” the company’s latest post notes.
Coinbase’s recent moves are quite convincing that, at least for now, they are successfully implementing their plan to become the crypto-platform of choice in the UK.