Coinbase has announced that new GBP trading pairs will be available for trading from tomorrow (Friday 7 September at 9 AM BST). The pound based pairs which are planned to be listed are ETH/GBP, ETC/GBP, LTC/GBP, and BCH/GBP. Notably, Coinbase Pro already supports BTC/GBP at this time.
It can be remembered that Coinbase Pro UK CEO Zeeshan Feroz had stated recently that it would be adding GBP support. Earlier this month, Coinbase listed Ethereum Classic, resulting in a sudden price spike due to an increase in investors’ interest in the cryptocurrency.
With the introduction of GBP pairs, Coinbase clients will be able to experience faster and cheaper trading of cryptocurrencies. Feroz told CCN
“We have been working to introduce Faster Payments for as long as we’ve been operating in the UK. Customers not only benefit from increased speed, but reduced cost as well. By no longer having to convert funds from Pound Sterling to Euros and vice versa to add and remove funds, there will be no more exchange rates. This will make crypto easily accessible to most people in the UK.”
Per Coinbase Pro statement, the launch of the new pairs will be completed in three stages. Each of these stages will be completed independently with real time announcement through social media platform such as Twitter.
“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one stage (as identified below) for a longer period of time, or suspend trading as per our Trading Rules.”
The three stages mentioned earlier are:
Post-only – Customers will be able to post limit orders in this first stage. However, there will be no matching. Additionally, for a minimum of 10 minutes the order books will be in post-only mode.
Limit-only – In the second stage, matching limit orders will be facilitated, but customers will not be able to submit market orders. Furthermore, order books will remain in limit-only mode for a minimum of 10 minutes.
Full trading – It is the final stage, which will facilitate full trading services, including limit, market, and stop orders.
Of late, Coinbase has seen a considerable decline in trading volume. Therefore, to maintain market share, Coinbase should innovate and make cryptocurrencies easily accessible to commoners.
