Active traders in the UK will from September 7 have access to new GBP trading pairs on Coinbase Pro. The new trading pairs include Etherium (ETH-USD), Ethereum Classic (ETC-USD), Litecoin (LTC-USD), and Bitcoin Cash (BCH-USD). The report comes to light just a month after Coinbase revealed it would roll out British Pound (GBP) support. The move targets British traders who use Coinbase Pro actively as well as institutional members of Coinbase Prime.
Customers to enjoy faster transactions with the new GBP trading pairs
However, Coinbase has had to obtain an e-money license as a precondition to operate in the UK market. Coinbase is the first crypto trading platform to obtain a UK bank account on receipt of the license. On account of the license receipt, Coinbase now supports the “Faster Payment Scheme.” This way, the exchange can offer deposits/withdrawals from/to UK bank accounts. This is contrary to the existing process where Britons have to top up their Coinbase accounts through a domestic bank transfer.
Three-phased launch
As per the Medium blogpost, there will be three stages to the launch. In phase 1, customers will post unmatching limit orders where “order books will be in post-only mode for a minimum of 10 minutes.” Secondly, limit orders will start matching where “order books will be in limit-only mode for a minimum of 10 minutes.” Finally, customers will enter “full trading” mode where services such as “limit, market, and stop orders” will be available.
In reference to the trading rules, David Farmer General Manager for Coinbase Pro wrote in the post:
“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one stage for a longer period of time, or suspend trading as per our Trading Rules.”
This is an important development for the exchange which has taken a beating out of the bearish run of cryptocurrencies. As at now, data available on CryptoCompare indicate that all the coins traded on Coinbase are down. Ethereum is the worst performing among the major tokens having gone down 14.27%. Now that the token is among the new GBP trading pairs, some investors expect the price to respond positively.
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