Yesterday, Coinbase Pro has announced the addition of four new Ethereum-based assets to its platform. Accordingly, Dai (DAI), Golem (GNT), Maker (MKR), and Zilliqa (ZIL) have joined the mix.
Coinbase made the announcement yesterday, via their blog. Each of the added token projects also include other functions, aside from trading. The crypto exchange noted these smart contract functions are not yet available on Coinbase Pro.
As a result, users who want to engage in MKR governance, use their GNT tokens to submit rendering tasks to the Golem beta network, utilize functionality like Compound, or exit DAI positions in the event of global settlement will need to move their assets from Coinbase Pro to a local wallet.
Coinbase also interestingly noted that only DAI and GNT will be tradable on the U.S. Coinbase Pro exchange, and that “International Coinbase affiliates” will include MKR and ZIL trading for specified non-US customers.
As for popular crypto assets other than ERC20 token options, Coinbase is looking into the legal compliance associated with such additions. “[W]e are exploring the addition of many new assets beyond ERC20 tokens on a jurisdiction-by-jurisdiction basis.”
Incoming transactions for DAI, GNT, MKR, and ZIL opened after 11:45am PT on December 18. Coinbase mentioned they needed at least twelve hours to build up sufficient asset liquidity after deposits opened.
DAI, GNT, MKR, and ZIL order books will soon enter transfer-only mode. We will accept inbound transfers in the regions where trading is supported. Orders cannot be placed or filled. Order books will be in transfer-only mode for a minimum of 12 hours. https://t.co/Ov3BtA1BWE
— Coinbase Pro (@CoinbasePro) December 18, 2018
Trading will commence once sufficient liquidity has been determined. As of the time of this reporting, it appears as though only GNT is tradable on Coinbase Pro. DAI, MKR, and ZIL still seem to be waiting for sufficient volume to come through. These assets are also only available on Coinbase Pro and not Coinbase.com.
Coinbase explained four sequential stages for the mentioned token listings: transfer-only, post-only, limit-only, and full trading. These stages exist to properly build the exchange’s order books for effective trading.
DAI will be the second stablecoin made available on Coinbase Pro, as the exchange announced USD Coin (USDC) listing in October.
2018 has seen significant regulatory pressure from the U.S. Security and Exchange Commission (SEC). Numerous Initial Coin Offerings (ICOs) have been labeled as unregistered securities. Coinbase is one crypto party that seems to keep pace with regulatory expectations.
Two months ago, Crypto Insider reported on Coinbase receiving a crypto custody service approval from the hard-line regulatory state of New York. It is interesting to note that the company received custody approval for Ripple’s XRP, but has not listed the asset yet.
Coinbase’s regulatory compliance could explain why ZIL and MKR will not be tradable for U.S. customers right away. Many crypto asset projects may still be in the cross-hairs of the SEC regarding their status as securities.
More to come
Coinbase released a list earlier this month, stating thirty-one additional assets for potential future listing. DAI, MKR, ZIL, and GNT were on that list.
This fall’s frequent Coinbase listings are quite different from last year when Coinbase additions were one of the rarest occurrences in the crypto space. Readers likely remember when Coinbase added Bitcoin Cash last December, causing the asset to rise above $4,000 on some exchanges.
Although we find ourselves in the middle of a bear market, Coinbase listings still appear to provide some sort of price action, whether speculative or not. However, that price action could simply be associated with bitcoin’s recent bullish movement, currently sitting just under $3,800 on Blockmodo at the time of this writing.
#Zilliqa nice pump just happened.
— Cryptotrendsio (@Cryptotrendsio1) December 18, 2018
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