Coinbase has officially added Maker (MKR) token to the supported assets on the exchange’s professional trading platform, Coinbase Pro. Users won’t be able to trade right away, though, as the addition of the token will go through different stages.
In a blog post, officials revealed the launch would take place in four vital stages, including transfer-only, post-only, limit-only, and the final stage, full-trading mode.
Coinbase will post tweets announcing the stages separately, but initially, customers can only transfer MKR to their accounts, then for a short period, it will be only possible to post limit orders, which will not be matched for some time. After that, limit orders will start matching, but customers will not be able to submit market orders, until ultimately full trading activity will open, including limit, market, and stop orders.
The ERC20 token that describes itself as “a utility token, governance token, and recapitalization resource of the Maker system,” has already made the cut for Coinbase Pro back in April 2019, and today it acquires its second listing on the trading platform.
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At the time, Coinbase supported MKR in all supported jurisdictions outside the United States, but due to limited liquidity, it failed to meet its metrics for a healthy market, and thus no trades were executed.
MKR spikes 36 percent
Coinbase will begin accepting inbound transfers of MKR on June 8. Trading on order books will be available once sufficient liquidity is established.
The exchange points out that the new coin will be accessible for users in most jurisdictions, but will not initially be available for residents of the state of New York.
As usual, when the listing of a new coin on a major exchange is announced, there was a significant increase in the trading volume of MKR and a big price spike.
At the time of writing, Maker (MKR) was enjoying a 24-hour surge of 37 percent, a completely different change in scenario from yesterday when the cryptocurrency was almost unchanged. The coin was trading at $475 with a total market cap of $478 million and a 24-hour market volume of $11.6 million. MKR is the 26th top cryptocurrency on the CoinMarketCap’s list.