Coinbase, one of the world’s leading crypto exchanges, has announced to add support for ALGO token on its Coinbase Pro platform. ALGO, Algorand blockchain’s native cryptocurrency, will be available for trading on Coinbase Pro from 14th August 2019 once the platform has acquired enough liquidity of the token. The crypto community was updated about this latest addition by Coinbase Pro via an official tweet yesterday, followed by a detailed blog post released today.
On Wednesday, August 14 our ALGO/USD order book will enter transfer-only mode, accepting inbound transfers of ALGO 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/eYeky8GpMo
— Coinbase Pro (@CoinbasePro) August 9, 2019
Per the blog post, the ALGO inclusion on the platform will take place in phases, beginning with the transfer-only mode. That means users will be able to carry out inbound transfers of ALGO to their Coinbase Pro account on 14th August during regular business hours (to be announced soon), Pacific Time zone. During this phase, orders cannot be placed or filled as the order books will remain in the transfer-only mode for at least 12 hours.
The blog also clarified that Algorand token would have immediate support in all the jurisdictions supported by Coinbase, except for the State of New York. More regions might be added in the future, said the announcement.
The Algo, the native token of the Algorand platform, will be available on Coinbase next week. We are excited to be a part of Coinbase, the world’s leading compliant crypto company serving over 30 million accounts across 100 countries. https://t.co/X3Ovc5jfGv pic.twitter.com/cuG3LWTVo2
— Algorand Foundation (@AlgoFoundation) August 9, 2019
As soon as the platform attains sufficient ALGO supply, ALGO/USD trading will commence in phases, starting with the post-only mode. Once the orders are posted, the third stage (limit-only) will begin where the orders would be matched before proceeding to the final full-trading stage, keeping the healthy market metrics in mind. In the full trading phase, traders can avail complete trading services such as stop, limit, and market orders.
The announcement of each of these phases will be made through Coinbase Pro’s Twitter handle as and when they occur.
For those who came in late, Coinbase had revealed earlier in this week that it was considering adding 8 new tokens including ALGO. Algorand has been unveiled recently in June this year. Established by Turing award winner and cryptographer Silvio Micali, the project aims to find solutions to some technical barriers present in the current blockchain infrastructure such as scalability, decentralization, and security. It uses the proof-of-stake and permission-less protocol.
It was in June that the Algorand Foundation, the entity that issues ALGO, had successfully raised 60 million dollars via token sales.
Users must note that Algorand isn’t yet made available on Coinbase.com or any of the Coinbase’s customer mobile apps. A distinct announcement will be made once such functionality is included.