Coinbase Pro indicated that it would list Ethereum classic (ETC) in its platform for the benefit of investors and traders. The move follows after the final testing was done on Friday last when it set an objective of accepting the digital currency transfers for users by Tuesday. Since the testing has gone as per the plan of the exchange, it would be extending its support to the virtual asset first on its exchanges followed by coinbase.com. The move comes in the wake of Robinhood deciding to add ETC to its crypto trading platform a few days back.
The cryptocurrency exchange disclosed that the launch of ETC would happen in four stages. The first will be transfer only while the second stage revolves on post-only. The third stage is limit-only whereas the fourth and final stage involves full-trading mode. The exchange indicated that it would be able to extend its support for the digital coin at coinbase only when it is satisfied with enough liquidity at its disposal.
At the same time, Coinbase Pro disclosed that it could happen within a period of 1 – 2 weeks once trading starts in the exchange. The company has split GDAX recently into Prime and Coinbase Pro, which is meant for individual traders, according to blog.coinbase.com. On the other hand, Prime is focused towards institutions. The exchange stated that its Prime team would get in touch with institutional clients directly and if they trade on GDAX, then such user will be known as Coinbase Pro user.
The exchange revealed that it would follow every stage independently for every new order book, i.e., ETC-USD or ETC-EUR and ETC-BTC. The digital coin exchange will not mind in suspending trading if it finds any of the new order books failing to meet its assessment or trading rules. Coinbase Pro is keen to ensure an orderly and healthy market for cryptocurrencies. Since Tuesday, customers were allowed to transfer ETC while traders cannot place their orders.
Similarly, there will not be orders to fill the order books, which would be in transfer mode for a maximum of two days. As regards post-only, customers could post restricted orders for a minimum of ten minutes though there will not be any completed orders. While limit orders would match, customers would not be able to submit market orders since it will be in a limit-only mode for ten minutes.
The final stage involves complete trading services of cryptocurrency. This included stop orders market orders and limit orders. The digital coin exchange claimed that one of the most frequent requests from its customers is to trade more virtual assets on its platform.
Coinbase Pro said in its blog that “Ethereum Classic is just a first step in that direction. We announced last month that we are exploring a number of other assets to add to the platform, and customers should expect to see similar announcements when we are exploring new assets to add to the platform.” ETC is ranked eleventh in terms of market capitalization, and there is not much change in price currently.