Coinbase Pro opens up to dogecoin after cryptocurrency’s 6,000% gain this year.
Dogecoin is now available on Coinbase.
The crypto exchange offer its pro customers the possibility to trade dogecoin, a cryptocurrency that has started out as a joke but this year has exploded as a result of constant tweeting by Tesla's CEO Elon Musk.
Dogecoin is currently selling for 32 cents, representing a year-over-year increase of about 6,000 percent. However, since reaching a high in May, it has declined by more than half.
Coinbase is one of the world's leading cryptocurrency exchanges, and its Pro service is geared for professional traders. Dogecoin(Ð) can also be purchased through Gemini & the Robinhood app.
In a blog post, Coinbase stated that inbound transactions to Coinbase Pro will be accepted "immediately." Trading of dogecoin will begin in supported areas on or after 9 a.m. Pacific Time on Thursday, if there is enough liquidity. Trading, on the other hand, will be staggered.
The startup wants to launch in three stages: post-only, limit-only, and full trading, according to the business.
“We may keep the book in one state for a longer period of time or stop trading if one of the new order books does not meet our judgement of a healthy and orderly market at any moment,” the business said, citing its trading rules.
Coinbase's main website and consumer mobile apps do not currently support Dogecoin. The company says it will make a "separate announcement" "if and when this support is added." For the time being, retail investors must look elsewhere.
Coinbase, which went public in April, makes the majority of its money by trading and storing the two most popular cryptocurrencies, bitcoin and ethereum.
The company's CEO, Brian Armstrong, has been an outspoken advocate of the meme-inspired dogecoin. Armstrong noted on the company's May 13 results call that "asset addition is something close and dear" to him.
He mentioned that dogecoin is one of the most popular cryptocurrencies, and that the company plans to market the token in six to eight weeks.
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