Coinbase had revealed it would list Steller Lumens (XLM), Cardano (ADA), ZCash (ZEC) and Basic Attention Token (BAT) a few months ago. The first token that has been added from the list is BAT which is the native token of the Brave Browser. The BAT token will be accessible to everyone using Coinbase Pro except people from the State of New York due to regulations.
The announcement was made via Coinbase’s official Twitter handle-
BAT is launching on Coinbase Pro! Starting at 1pm PT today, customers can transfer BAT into their Coinbase Pro account. Traders can deposit BAT, but cannot place or fill orders. Order books will remain in transfer-only mode for at least 12 hours. https://t.co/31wbi09uyx pic.twitter.com/2YC7xtOjuI
— Coinbase Pro (@CoinbasePro) November 2, 2018
Clients will be able to deposit the BAT Token in the beginning, and once liquidity is established the trading of BAT/USD Coin (USDC) will begin. USDC is the stable coin which Coinbase has developed with Circle.
The same four stages as applied to Ethereum Classic (ETC) and 0x (ZRX) being listed on Coinbase will take place for BAT. These steps include- Transfer only, post-only, limit-only and finally full trading.
Brave Browser is run with the native token of Basic Attention Token (BAT). BAT is taking digital advertising using the Brave Browser to the next level by helping revenue be exchanged between publishers, advertisers, and users.
You can expect XLM, ADA and ZEC being added next in Coinbase given that BAT is successfully chosen to be listed on the popular cryptocurrency exchange.
Given the announcement of BAT being listed on Coinbase, the price of BAT increased. The price of BAT at the time of writing is $0.299759 while the market capitalization is at $299,758,640. Prior to BAT being added, 0x (ZRX) was added in mid-September which led to ZRX rising in price too.
The so-called ‘Coinbase effect’ means the next coin added in Coinbase will experience the same demand leading to a price increase. Amongst the remaining three, XLM is the most likely to be added given its real-world adoption and its ranking of 6th place in the cryptocurrency market according to CoinMarketCap.
Image Source – Flickr
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