“The Coinbase Effect” Strikes Again, Adding Brave’s BAT Token to Platform
Coinbase is known for their positive effect on new coin listings. Dozens of times, they have added new tokens to their platform, only to cause a massive surge in activity and price in the days before and after the addition. That is always great news for the new crypto asset, and the most recent one to see that benefit is Brave’s Basic Attention Token (BAT) after many rumors that it would be added soon.
BAT is launching on Coinbase Pro! Starting at 1pm PT today, customers can transfer BAT into their Coinbase Pro account. Traders can deposit BAT, but cannot place or fill orders. Order books will remain in transfer-only mode for at least 12 hours. https://t.co/31wbi09uyx pic.twitter.com/2YC7xtOjuI
— Coinbase Pro (@CoinbasePro) November 2, 2018
The addition of the BAT token, the crypto asset of the Brave browser startup, was announced by Coinbase on Friday’s Medium blog post. Specifically, the post said that they would be “accepting inbound transfers of Basic Attention Token (BAT) to Coinbase Pro” by 1:00 pm PST. They also noted that the deposits will be available for a minimum of 12 hours before the trading will be available. As soon as enough people make their deposits, the start of the new BAT/USDC order book will commence.
To make the process easy for investors, they can use Coinbase’s Pro interface with “one click.” However, residents in New York will not immediately be able to participate. No reason is provided right now for the delay. Users should also know that Coinbase intends to “make a separate announcement” when BAT becomes available on the website or on the iOS and Android apps.
Coinbase plans to repeat the same four stages for the launch with BAT as they have with others. In sequential order, those stages are:
- Transfer-only, which starts at 1:00 pm PST today.
- Post-only, which lets investors post limit orders, but orders will not be matched or completed.
- Limit-only, which starts the matching, but market orders still cannot be submitted.
- Full trading, which will complete the launch.
The BAT token is in good company with other major players in the crypto industry. Recently, Coinbase added 0X Protocol’s token (ZRX) and USDC. It also supports Ethereum Classic, Ethereum, Litecoin, Bitcoin Cash, and Bitcoin.
Coinbase wrapped up their announcement by letting readers know that they have heard the demands for their platform to list other tokens. With the new process they have to list these assets, they said, “Our customers can expect us to list most assets over time that meet our standards.”
As of 12:43 pm PST on November 2nd, the BAT token is trading at $0.30507, and has risen 20.05% value in the last 24 hours alone. Their present market cap is $305,074,048.
Who will be the next addition to Coinbase's growing list of digital assets?