Coinbase
The leading veteran US based exchange Coinbase announced on Monday that it will be adding EOS (EOS), Augur (REP), and Maker (MKR) to the Coinbase Pro platform. Starting from April 8, 12 p.m. (Pacific Standard Time), customers with Coinbase Pro accounts will be able to transfer EOS, REP, and MKR into their respective accounts.
Coinbase said in the blog post that while the EOS and Augur will be available for trading in most jurisdictions they serve, these two assets will not be available for the State of New York. On the other hand, Maker will not be available for trading in the United States, but it will be offered to clients who reside outside of the country.
Maker (MKR) is perhaps the most straightforward assets among the three Coinbase Pro will add on Monday. It is basically an Ethereum token and claims to be “a utility token, governance token, and recapitalization resource of the Maker system.” However, the real purpose of MKR is managing another Ethereum token called the DAI stablecoin. Augur is also an Ethereum token that is being used for reporting and disputing forecasting outcomes on various online prediction markets.
By contrast, EOS is a cryptocurrency that was originally developed to support large-scale decentralized applications. While there are no transaction fees for transferring EOS, it uses resources like RAM, CPU, and network bandwidth to allow users to transact. The interesting thing about EOS that while it rewards people for running network time to time, the inflation created by the reward acts as a substitution for transaction fees.
However, Coinbase said in the announcement that customers of Coinbase Pro will not be able to start trading the newly added assets on the platform. Instead, the rollout of these newly added crypto assets will be done in several stages.
In the first stage, customers can only transfer their EOS (EOS), Augur (REP), and Maker (MKR) to their Coinbase Pro account. In the next stage, customers can post limit orders. However, in this stage, their orders will not be matched, which means the orders will not be completed. In this second stage, post only orders will remain for a minimum of one minute. In the third stage, limit orders will be matched, but at this stage, customers still will not be able to trade these assets with market orders. Only in the fourth and final stage customers of Coinbase Pro will be able to enjoy the full range of trading capabilities, including limit, market, and stop orders.
When Coinbase added cold-storage staking for Tezos (XTZ), the smart contract and decentralized application platform, at the end of March, the market price of the altcoin went through the roof. It will be interesting to see what the future would lead with the addition of three new crypto assets.