Coinbase has made yet another exciting announcement, this time revealing that 4 new tokens will be listed on Coinbase Pro which can be seen as a gateway to inclusion for all users.
These tokens are Dai (DAI), Maker (MKR), Golem Network Token (GNT) and Ziliqa (ZIL)
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
The exchange will open up transfers of these tokens at 11:45 AM PT on December 18.
Trading will begin once enough liquidity has been established. The listing is phased, as usual, going through rounds of transfer-only, post-only, limit-only and full trading. The full details are available in the blog post.
However, users will receive limited functionality with these tokens because direct usage of each token’s features, like MKR’s governance mechanism, will require moving the tokens from their Coinbase wallet to a local wallet.
Moreover, each token’s associated functionality is not currently directly accessible via the Coinbase Pro platform. For example, the Golem GNT token provides access to a distributed compute farm, the Zilliqa network can be used to experiment with high-performance smart contracts, and the MKR and DAI tokens form a paired set of assets in which MKR provides governance, and DAI is a type of algorithmic stablecoin.
The listing is also adhering to Coinbase’s policy of offering tokens based on jurisdictional requirements. Users from the U.S. (excluding NY), UK, EU, Canada, Singapore and Australia will have access to DAI and GNT, while all but the U.S. can trade MKR and ZIL.
Coinbase is Rapidly Improving Their Platform
Arguably the most important announcement for long-time investors, as Coinbase investors have had limited choice until recently, the inclusion of more tokens follows up on Coinbase’s decision to support ERC-20 tokens.
Coinbase has been the recipient of a lot of public attention in the second half of 2018. With new features and tokens expected in 2019, it is doing a remarkable job of bringing exposure to cryptocurrency, and altcoins in particular.
The addition of new features and refinement of the platform will serve the exchange well as it vies to become the go-to entity for a rapidly growing asset class.