Coinbase Pro Adds Support XRP, to Allow Trading Soon
Coinbase Pro — or as veteran crypto traders will remember, the new iteration of GDAX — is the professional version of Coinbase’s trading platform.
According to the announcement, Coinbase Pro will now be accepting deposits of XRP for a minimum of twelve hours before full trading is enabled. Once there is a sufficient amount of XRP on the platform — which means there will be sufficient liquidity — trading pairs in US dollars, Euro, and Bitcoin will become available in four phases:
- Transfer-only: Customers can transfer XRP onto Coinbase Pro, but cannot yet begin placing orders. This began at 1pm EST today.
- Post-only: Customers can post orders, but the orders will not be matched, meaning no actual trading will occur. This ensures that there is sufficient liquidity on the order book for full-fledged trading to occur. This stage will last for a minimum of one minute.
- Limit-only: Only limit orders will begin to match — thus commencing actual trading — but market orders will not be allowed. This ensures that whales placing large orders cannot come in and “clear out” limit orders and skew the order book. This stage will last a minimum of ten minutes.
- Full trading: All orders — including limit, market, and stop orders — will be accepted and matched. At this point, trading of XRP will be fully up and running.
Coinbase also notes that “XRP trading will initially be accessible for Coinbase Pro users in the US (excluding NY), UK, supported European Union member nations, Canada, Singapore, and Australia,” before adding, “Additional jurisdictions may be added at a later date.”
Over the past six months, Coinbase Pro has added support for a number of new tokens, including Ethereum Classic (ETC), Basic Attention Token (BAT), and Zcash (ZEC), before launching support on Coinbase’s main platform.