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3 weeks ago

Chainlink Trading to be enabled on Coinbase Pro

As of today, Coinbase Pro will begin accepting inbound transfers of chainlink as preparatory steps for the rollout of full trading services for the cryptocurrency, according to a company statement.

Coinbase Pro is a US-based digital asset exchange with trading UI, FIX API, and REST API. The company has indicated that they will phase in trading options for USD and ETH once a sufficient supply of LINK is established on the platform.

 Also according to the company, four transitions for each order book will be staged before LINK is fully integrated:

"Transfer-only. Starting at 10am PT on June 26, customers will be able to transfer LINK into their Coinbase Pro account. Customers will not yet be able to place orders and no orders will be filled on these order books. Order books will be in transfer-only mode for at least 12 hours.

Post-only. In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one minute.

Limit-only. In the third stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of ten minutes.

Full trading. In the final stage, full trading services will be available, including limit, market, and stop orders."

Wherever Coinbase Pro has jurisdiction (excluding New York State) are the intended locations where trading will be available. However, LINK will not be offered on Their official website or on the mobile apps owned by the company.

Chainlink, an ethereum token that powers a decentralized oracle network indicated a common need of customers as "more assets on the platform". “One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time,” the company said. The Chainlink network allows a secure connection to external data sources, APIs, and payment systems for smart contracts on ethereum. 

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Credit - Daniel Kuhn

Anita O.

Lover of tech and blockchain.

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