In an official blog, Coinbase revealed that its Coinbase Pro clients can from next week start making inbound transfers via OmiseGo (OMG) tokens. The announcement led the value of the token to rise by 25 percent.
As per the press release, clients of the Coinbase Pro, which is mostly used by experienced traders, will from May 18 be able to transfer OMG. However, the transfer will depend on whether there will be enough OMG tokens on the exchange. The clients will be allowed to sell and buy OMG tokens using Bitcoin and the US dollar.
The exchange also indicated that plans are underway for users to buy and sell the OMG tokens using euros as well as the pound sterling as latest as May 19.
OmiseGo (OMG) is an Ethereum based token which is the currency powering OmiseGo contract platform that enables enterprises as well as individuals enhanced financial freedom via financial investments and services. The aim of the platform is to aid in transfer of money between payment systems like PayPal and Visa and decentralized networks such as Ethereum. This will enable enhanced banking as well as financial services for all even those in the developing nations that have limited access to conventional banking services.
According to Coinbase, the OMG launching will be done in four stages. Starting May 18, clients will be allowed to transfer OMG directly to their own Coinbase Pro account. Secondly, customers will then be allowed to post limit orders whereas no matches will be there. Matching of the orders will follow, however, orders will not work but the order books will not exist in limit-only mode for at least 10 minutes. Finally, trading will commence comprising of limit, stop orders as well as market.
Coinbase also stated that trading of OMG tokens will not be available within the standard platform. However, if the past is to be considered, this might be just a matter of time.
OmiseGo was founded in 2017 by Thai based financial platform Omise. It aims at becoming a highly scalable payment platform with very low transaction costs.