Coinbase Pro Adds British Pound (GBP) Trading for Bitcoin, Ethereum and Other Cryptocurrencies
Coinbase Pro, the exchange formerly known as GDAX, just got a major upgrade: the exchange now supports British Pound (GBP) trading for major cryptocurrencies.
San Francisco-based Coinbase announced the launch of GBP crypto trading earlier today. The news wasn’t a surprise, as Coinbase had originally announced plans to add GBP support on August 1.
GBP trading will be available for bitcoin, Ethereum, and other cryptocurrencies starting at 9am BST on Friday, September 7, 2018. GBP trading will be available to Coinbase’s UK-based customers.
Coinbase also announced support for UK domestic bank transfers in GBP. UK-based users can transfer GBP to their Coinbase accounts using the Faster Payments Scheme. Coinbase claims the system “is now significantly easier, faster and cheaper for UK customers” who want to trade cryptocurrencies on Coinbase.
The new British Pound pairs include ETH/GBP, ETC/GBP, LTC/GBP, and BCH/GPB, in addition to the BTC/GBP pair already supported by Coinbase.
There will be three stages to the launch, similar to how Coinbase launches other cryptocurrency trading pairs on the platform. Coinbase will begin with a post-only phase, during which users can only post limit orders with no matches. The books will be in this mode for a minimum of ten minutes.
Next, Coinbase will move to limit-only mode, during which limit orders will start matching but customers will be unable to submit market orders. Order books will be in limit-only mode for a minimum of 10 minutes.
Finally, Coinbase will enter full trading mode, during which full trading services will be available for GBP pairs, including limit, market, and stop orders.
Coinbase will keep users updated on each stage through Twitter. The upgrades are expected to roll out smoothly starting this Friday.
You can view the full Coinbase announcement regarding the addition of GBP pairs to Coinbase Pro here. This is part of Coinbase’s larger push to be a leading cryptocurrency exchange for UK-based crypto traders.