- Coinbase announces the launch of Balance (BAL) and Ren (REN) trading on its professional exchange.
- New York state and U.K residents locked out from trading the new tokens.
In an announcement on October 1, Coinbase revealed two new listings – Balancer (BAL) and Ren (REN) – expected to start trading on Coinbase Pro starting October 6 officially. The latest move shows Coinbase's commitment to the decentralized finance world following the listing of over 10 DeFi tokens in the past three months, including Uniswap (UNI), Band Protocol (BAND), and Compound (COMP).
According to the listing statement starting Oct. 1, Coinbase’s professional trading exchange, Coinbase Pro, will be accepting REN and BAL token deposits. Trading these new DeFi tokens is expected to launch on Tuesday, 6th Oct at 9 AM Pacific Time (PT) if enough liquidity requirements are reached.
At launch, trading of Balancer and Ren will be paired with Bitcoin (BTC), and the dollar (USD) – BAL/USD, BAL/BTC, REN/USD, and REN/BTC – with more pairs are set to be added in the future.
The balancer is an Ethereum-based automated market maker (AMM) that lets users provide liquidity to the trading pool and receive trading fees as rewards (in BAL tokens) for being a liquidity provider. REN is a native token that enhances the transfer and swapping of tokens across blockchains.
As is custom for Coinbase, the trading of REN and BAL will launch in four phases – transfer-only, post-only, limit-only, and full trading. Trading of REN and BAL “will be available in all Coinbase’s supported jurisdictions, except for New York State and the U.K.,” the blog post reads.
More details will be provided by the exchange as the trading launch date nears.
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