One of the largest cryptocurrency exchanges in the market, Coinbase, continues its expansion plan. Coinbase has decided to list a new cryptocurrency known as Basic Attention Token (BAT). Deposits for this virtual currency started on November 2. The information was released in a blog post by Coinbase a few days ago.
Basic Attention Token Launches on Coinbase Pro
In the official press release uploaded by Coinbase, it is possible to transfer BAT to the Coinbase Pro account. The decision has been taken in order to prepare the platform for BAT trading activities. As soon as the liquidity is established on the BAT/USDC order book, trading will start.
Coinbase wrote about it:
“We will accept deposits for at least 12 hours prior to enabling trading. Once sufficient liquidity is established, trading on the BAT/USDC trading book will start. Users may convert their USD to USDC with one click within the Pro interface as described here.”
Nevertheless, BAT trading will not be accessible for users residents of the state of New York. People in most jurisdictions will be able to trade BAT without any problems. BAT is not yet available at Coinbase.com or in the iOS and Android apps.
As Coinbase explains, the exchange has activated the ‘transfer-only’ phase. Users can only transfer BAT into Coinbase Pro but they are not able to place orders. The second stage is known as ‘post only.’ Customers can post limit orders but there will be no matches or completed orders.
The third and fourth stages, limit-only and full trading, will start as soon as Coinbase considers. The company will be informing users about this in the official media channels.
Coinbase aims at listing new and interesting assets on its platform. During the last months, the company has been taken different decisions in this aspect. Coinbase is currently listing Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ethereum Classic (ETC) and Bitcoin Cash (BCH). Recently, it has also added support to the ERC20 cryptocurrency 0x (ZRX).
BAT is the cryptocurrency of the Brave browser. The token is used to fuel a built-in advertising platform. Those who advertise on the Brave browser pay using BAT tokens and users receive a share of BAT when they watch ads. The main intention behind this platform is to reduce fraud, eliminate the middle-men and be more transparent.
BAT has been increasing in price when the rumours about Coinbase support grew. At the time of writing, each BAT token can be purchased for almost $0.3 dollars. BAT has a market capitalization of $289 million dollars. BAT is currently the 30th most valuable token in the crypto market.
Other tokens that could be added to the platform are Cardano (ADA), Stellar Lumens (XLM) and ZCash (ZEC). All of them have experienced price increases during the last few months.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.