Key Points
- Coinbase Pro will begin accepting dogecoin inbound transfers on Tuesday.
- If liquidity criteria are fulfilled, trading will begin on or after Thursday, June 3 at 9 a.m. PT.
Coinbase has officially entered the dogecoin market.
Starting Tuesday, the crypto exchange will allow its Pro users to trade dogecoin, a cryptocurrency that began as a joke but has taken momentum this year thanks to Tesla CEO Elon Musk's regular tweeting.
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| Photo : CNBC |
Dogecoin is presently selling at 32 cents, with a year-to-date gain of about 6,000 percent. However, after reaching a peak in May, it has declined by more than half.
Coinbase is one of the world's leading cryptocurrency exchanges, and its Pro service is geared for professional traders. Dogecoin may also be purchased using the Robinhood app and Gemini.
In a blog post, Coinbase stated that it will begin accepting inbound transfers to Coinbase Pro "immediately." Trading of dogecoin will commence in supported areas on or after 9 a.m. Pacific Time on Thursday, if there is enough liquidity. Trading, on the other hand, will be staggered.
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The startup wants to debut in three stages: post-only, limit-only, and full trading, according to the business.
“If one of the new order books does not meet our judgment of a healthy and orderly market at any point,” the business added, citing its trading regulations, “we may maintain the book in one state for a longer length of time or cease trading.”
Coinbase's main website and consumer mobile applications do not currently support Dogecoin. A "separate announcement" will be made "if and when this support is introduced," according to the business. Retail investors will have to go elsewhere for the time being.
Coinbase, which went public in April, generates the majority of its money by trading and storing the two most popular cryptocurrencies, bitcoin and ethereum.
Brian Armstrong, the company's CEO, has been a vocal supporter of the meme-inspired dogecoin. Armstrong noted on the company's May 13 results conference that "asset addition is something close and dear" to him.
He mentioned that dogecoin is one of the most popular cryptocurrencies, and that the business plans to market the token in six to eight weeks.
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| Photo : CNBC |
Source : CNBC
Conclusion
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