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Coinbase to Offer New Crypto Trading Pairs for British Pounds

Cryptocurrency exchange Coinbase has announced it will begin rolling out new order book trading pairs for British pounds (GBP) on Sept. 7 for traders based in the U.K.

David Farmer, general manager of Coinbase Pro, wrote in a blog post on Thursday the order book exchange will offer trading services for GBP against ethereum, bitcoin cash, ethereum classic, and litecoin, in addition to bitcoin that is currently available.

The company said each new offering will first go through a post-only phase and then a limit-only stage before full trading services can be available, such as limit, market, and stop orders.

Farmer further explained in the post-only phase, the exchange will only allow users to post limit orders but matching will not be available for at least 10 minutes.

After that, limit orders will start matching but no market orders can be submitted. The limit-only phase will also take another minimum of 10 minutes.

The news follows a report in early August that Coinbase enabled direct withdrawal and deposit services for GBP for the first time through the Faster Payments Scheme.

It replaced the traditional method of converting GBP to euro which normally took days to complete a bank transfer.

The GBP trading offering also comes months after the U.S. exchange secured an e-money license from the U.K. Financial Conduct Authority, paving the way for Coinbase to expand its services to the U.K. and Europe.

Coinbase image via Shutterstock

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Coinbase Pro Now Supports Ethereum Classic (ETC)

The hype surrounding Coinbase’s upcoming Ethereum Classic (ETC) listing has continued, with Coinbase’s so-called “Pro” platform recently announcing that it now officially supports ETC deposits.

Ethereum Classic Is Now Live On Coinbase Pro 

On Tuesday morning, Coinbase took to Twitter to announce that its plans for the launch of Ethereum Classic were successful, with the exchange finally offering support for the transfer of this crypto asset.

In an announcement blog post, David Farmer, Coinbase Pro’s General Manager, wrote:

“We announced final testing for Ethereum Classic last Friday, with a goal of accepting transfers for exchange users by Tuesday August 7th. Our testing has gone according to plan and we will be launching support first on our exchanges (Coinbase Pro).”

While Pro’s support for ETC officially commences today, Farmer implied that the addition of this asset isn’t a simple process, as he outlined an extensive four-stage plan that will ease the stress on Coinbase’s employees, system and consumers alike.

Stage 1 — Transfer-only: As noted earlier, Coinbase Pro users can now transfer their Ethereum Classic coins to the exchange starting today. While deposits are supported, traders will be unable to place orders. Coinbase expects this stage to last for at least 24 to 48 hours.

Stage 2 — Post-only: In this stage, Coinbase customers will be able to post limit orders, but no order matches will be made during this time. The platform will allocate a minimum of 10 minutes to this stage.

Stage 3 — Limit-only: Following the post-only stage, trader’s limit orders will begin to be matched with other orders. However, market orders will not be supported just yet, with the firm allocating yet another 10 minutes to this phase.

Stage 4 — Full Trading: Following the success of the aforementioned stages, Coinbase Pro expects to launch full-fledged support for trading, including limit, market and stop orders.

It was added that this process would be completed on a case-by-case basis for each of the platform’s new order books, which are ETC-USD, ETC-BTC, and ETC-EUR. The Coinbase executive noted:

“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 state for a longer period of time, or suspend trading as per our Trading Rules.”

It is important to note that ETC will not be available for Coinbase Consumer (Coinbase.com) just yet, with the platform citing liquidity concerns as the primary reason why ETC will not initially be added to the platform used by a majority of retail investors.

ETC Surpasses Tron, Monero, And More To Become The 11th Largest Crypto 

As a result of a series of positive developments regarding this cryptocurrency, Ethereum Classic has skyrocketed as of late, recently surpassing cryptocurrencies like Tron and Monero to become the 11th largest cryptocurrency by market capitalization. Just a few weeks ago, ETC was the 16th largest cryptocurrency, holding no resemblance to the position it is in now.

This positive bout of price action goes to show how influential Coinbase is on the price of crypto assets, with the so-called “Coinbase effect” pushing Ethereum Classic “to the moon.”

Title Image Courtesy of Coinbase

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Coinbase ‘Pro’ Platform Is Met With Mixed Reviews.

The Move From GDAX To Coinbase Pro

Coinbase – Say goodbye to GDAX and hello to Coinbase Pro, as Coinbase has finalized the transition of the old platform to the revamped ‘Pro’ exchange on Friday.

GDAX, one of the most popular cryptocurrency exchanges, will now be inaccessible, redirecting visitors of the old website to the new platform. All GDAX balances and trade logs will be accessible on the new site, helping the seamless migration of vital information onto Coinbase Pro.

According to a post released by David Farmer, the general manager of Coinbase Pro, Coinbase Pro was built on top of the exact same trading engine which GDAX used.

Farmer elaborated, writing:

Coinbase Pro is a new interface built on top of the existing GDAX trading engine that has been designed with the needs of the active trader in mind.

GDAX was well-known for its ease of use and its quick response times, helping it become one of the most dedicated platforms for fiat to cryptocurrency trading. Many hope that Coinbase Pro will closely emulate what the old platform had to offer.

“GDAX Is Clearly Quicker.”

Although seen as a positive move by some, many users were outraged with the changes that were made on the platform. The change saw the removal of features and key statistics, along with a redesign that irked many consumers. 

A Twitter user took to Coinbase Pro’s transition Tweet to give his opinion on the new platform, pointing out the UI issues, especially with the mobile versions.

Thiago Predebon, another Twitter user, doubled down on this opinion, writing:

When mobile app or mobile website? Your current website experience sucks on mobile.

It seems that users aren’t only having problems with mobile UI, but also with a desktop version. ConfusedCoin issued a Tweet pointing out the key UI issues, including bright colors and difficulties choosing specific trading pairs.

As aforementioned, many expected for Coinbase Pro to perform in a similar manner in comparison with its predecessor.

However, according to BTCKyle, Coinbase Pro is actually a substantial performance downgrade in comparison to GDAX, with the Twitter user noting:

You would think that the upgrade would be better? GDAX is clearly quicker. PRO market books FREEZE all the TIME. How can one trade like that?

Brian Chavez also pointed out the lag in the depth chart, posting a short video of a slow and hard-to-use feature on the website.

There is a chance that Coinbase was not prepared for the transition, which migrated GDAX’s hundreds of thousands of users onto the new platform.

To address the complaints, Coinbase Pro went on Twitter to issue an announcement about feedback, stating, “If you’re a current Pro user – we’d love your feedback on how we can make the platform the best venue for trading digital assets,” issuing a link for customer feedback.”

It is still unclear why Coinbase decided to make the transition. However, some have speculated that the exchange wanted to bring GDAX closer to the Coinbase name, renaming it to better fit its parent company.

But many still hope for the success of the now Coinbase Pro, as it has become an essential part of the fiat on-ramp, which is so important to the cryptocurrency industry.

Title Image from Negative Space at Pexels

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