Coinbase Pro opens to Dogecoin after the currency gained 6000% this year

Coinbase Pro opens to Dogecoin after the currency gained 6000% this year

Monitors display Coinbase signage during the company’s IPO on New York’s Nasdaq MarketSite on Wednesday, April 14, 2021.

Michael Nagle | Bloomberg | Getty Images

Coinbase finally enters the dogecoin.

Starting Tuesday, the crypto exchange is offering its Pro users the option to trade dogecoin, a cryptocurrency that started out as a joke and has taken off this year, aided by frequent tweets from Tesla’s CEO. Elon musk.

Dogecoin is currently trading at 32 cents, up nearly 6,000% for the year. However, it has fallen more than 50% since reaching a high in may.

Coinbase is one of the largest crypto exchanges on the planet and its Pro service is designed for professional traders. Dogecoin is also available for purchase on the Robinhood app and through Gemini.

Coinbase said in a blog post that it will “immediately” start accepting inbound transfers to Coinbase Pro. If there is sufficient liquidity, dogecoin trading will begin at 9 a.m. PT on Thursday at supported locations. However, the exchanges will be staggered.

The company has announced its intention to launch in three phases: post-only trading, limit only, and full trading.

“If at any time any of the new order books do not meet our assessment of a healthy and orderly market, we may keep the book in a condition for a longer period or suspend trading,” he said. writes the company, citing its trading rules,

Dogecoin is not yet available on Coinbase’s main website or its mainstream mobile apps. The company said there will be a “separate announcement if and when this support will be added.” For now, that means retail investors will have to look elsewhere.

Coinbase, which went public in April, derives most of its money from the trading and storage of Bitcoin and Ethereum, the largest cryptocurrencies.

CEO Brian Armstrong has been a public advocate for dogecoin inspired by memes. In the company’s earnings call on May 13, Armstrong said that “adding assets is something close to his heart.

He referred to dogecoin as one of the much attention-grabbing cryptocurrencies and shared the company’s plan to list the token in six to eight weeks.

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