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25/04/2019
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Technology

Crypto Exchange, Coinbase Pro Added Support for 3 New Tokens EOS, Augur (REP) and Maker (MKR)

Coinbase Pro is the US-based crypto exchange supporting Bitcoin, Litecoin, Ether, and Bcash trading. According to a post published on Monday, 8 April 2019, the exchange has added support for three new tokens; EOS, Augur (REP) and MakerDAO’s (MKR).

EOS-

It is a blockchain protocol which is mechanized by crypto EOS. It operates as a decentralized operating system.

Augur (REP)-

It is an Ethereum token. Augur’s Reputation token (REP) is used for reporting the results of events on online prediction markets. The reward is given to the reporters for accurate and adequate predictions.

Maker (MKR)-

Maker (MKR) is an Ethereum-backed utility token which is also dubbed as governance token and a source of finance of the maker system. The primary objective of this system is to govern the other Ethereum (ETH) tokens.MKR is the 19th top cryptocurrency on the Coin Market Cap’s list. It is currently trading at around $713.40.

According to the announcement, Coinbase pro will accept both transfers as well as deposits of EOS (EOS), Augur (REP), and Maker (MKR) for minimum 12 hours prior to facilitating trading.

After acquiring sufficient liquidity, the exchange would establish trading on order books-

1. EOS-USD, EOS-EUR, EOS-BTC (all Coinbase-supported regions excluding NY)
2. REP-USD, REP-EUR, REP-BTC (all Coinbase-supported regions excluding NY)
3. MKR-BTC, MKR-USDC (all Coinbase-supported areas outside the US)

The company mentioned that the process would involve four stages.

The initial step is that the customers will be allowed to transfer the newly launched tokens into their accounts for at least 12 hours after the initial announcement. The second stage involves the ability to post limit orders for a short period which will not be matched for one minute. Limit orders will begin matching, but the customers will not be able to submit the market orders for another 10 minutes. In the last stage, it will involve the opening of complete trading services such as limit, market, and stop orders for the three new tokens.

In response to the high demand from users, the exchange is planning to introduce more of such assets in the near future. Coinbase has enabled support for Ripple (XRP) in February and Stellar Lumens (XLM) in March which will be soon extended to its retail offering Coinbase.com along with its trading app for both iOS and Android.

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