The recognized cryptocurrency company Coinbase is working in order to add the Algorand (ALGO) protocol to its professional trading platform. The information was released by Coinbase in a blog post on August 9. A few days ago, Coinbase informed that they were exploring the addition of new digital assets to its platform.
Coinbase Announces Algorand Is Launching on Coinbase Pro
According to the blog post released by the crypto exchange and platform, Algorand is going to be supported on Coinbase Pro, the professional trading platform offered by the exchange. At the moment, all the jurisdictions supported by Coinbase, with the exception of New York, will have the possibility to purchase and sell this digital currency.
Coinbase informed that on Wednesday, August 14, they will begin accepting inbound transfers of ALGO to the Coinbase Pro platform. In addition to it, they will also accept deposits for at least 12 hours prior to enabling full trading.
The goal is to gather sufficient supply of ALGO to start trading the ALGO/USD pair with a post-only mode order book.
Algorand is a cryptocurrency and a blockchain-related project that aims at solving some of the technical barriers of existing blockchain infrastructure. Founded by Silvio Micali, the project wants to increase decentralization, improve scalability and enhance security.
About it, Coinbase wrote:
“Algorand provides a foundation for existing businesses and new projects to operate globally in the emerging decentralized economy. Algorand’s permissionless, pure proof-of-stake protocol supports the scale, open participation, and transaction finality required to build scalable blockchain projects.”
It is worth pointing out that ALGO is not yet available on Coinbase.com or through their consumer mobile applications. Support for ALGO in these platforms will be announced by Coinbase in a separate blog post.
The listing process of ALGO will follow four different stages starting from “transfer-only,” followed by “post-only,” “limit-only,” and finally full trading. In the last stage, full trading services will be available, including limit, market and stop orders. Many cryptocurrencies added in the past by Coinbase remained in a “limit-only” stage due to their low liquidity.
On August 2, Coinbase informed that they were exploring the addition of different assets, including Algorand, Cosmos (ATOM), Dash (DASH), Decred (DCR), Matic Network (MATIC), Harmony (ONE), Ontology (ONT) and Waves (WAVES).
The goal is to support all the assets that meet their technical standards and that comply with applicable laws.