Chainlink Token Support Announced By Coinbase Pro
In an interesting development of events, Coinbase Pro has announced its support for the Ethereum-based Chainlink or LINK as is popularly called. The announcement was done through an official blog post published on Medium as well as a tweet on 26th June 2019 to update the entire crypto community about the same.
Our LINK/USD, and LINK/ETH order books will soon enter transfer-only mode, accepting inbound transfers of LINK in supported regions. Orders cannot be placed or filled. Order books will be in transfer-only mode for a minimum of 12 hours. https://t.co/BnVOqhFUdV
— Coinbase Exchange (@CoinbaseExch) June 26, 2019
According to the announcement, two trading pairs for LINK has been listed so far; one with Ethereum (LINK/ETH) and the other with United States Dollars (LINK/USD). This newly added token would be available for traders in all the jurisdictions where Coinbase Pro operates except for New York because of some regulatory concerns. More regions will be added soon.
The exchange began accepting the inbound LINK transfers post 10 a.m. of the Pacific time zone on 26th June. Once the duration of 12 hours has passed post the depositing and sufficient supply is achieved, full trading will be enabled by the exchange, stated the announcement.
Inbound transfers for LINK are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Order books will be in transfer-only mode for a minimum of 12 hours. https://t.co/5wgZXZ9QmT
— Coinbase Exchange (@CoinbaseExch) June 26, 2019
The trading launch is slated to follow the normal step-by-step procedure beginning with transfer-only phase, followed by post-only and limit-only phases with full-trading being the last phase. In the first three steps, users would be able to deposit LINK tokens in their account with Coinbase Pro, post the limit orders. Later, they can receive matching orders. The community will be kept up to date about all the phase updates through official Twitter announcements by the crypto exchange.
The post also clarified that LINK has not yet been made available on the Coinbase.com platform or the consumer mobile applications. A separate announcement will be made once that functionality also gets included by the platform.
Coinbase Pro is one of the leading digital currency exchange platforms, while Chainlink is an ERC-20 token that powers the Chainlink decentralized oracle network. The LINK token is utilized for making payments in the Chainlink-backed Ethereum smart contracts. Find more details about various crypto exchanges in USA here.
At the time of writing, Chainlink was being traded at USD 2.31 as per CoinMarketCap data.
