Polkadot’s DOT To Debut On Coinbase Pro Trading Platform Tomorrow
Major crypto exchange Coinbase would list Polkadot (DOT) on its professional trading platform Coinbase Pro.
Coinbase To Begin DOT Trading On Wednesday
In a press release issued by Coinbase, the exchange disclosed that DOT is now available for users to deposit into their Coinbase Pro accounts. Trading will begin on or after 9 am Pacific Time (PT) on Wednesday as soon as liquidity conditions are met, the company said.
Once the required DOT supply is met, trading would begin in phases as post-only, limit-only, and then full trading options. The following trading pairs would be available on Coinbase Pro; DOT-USD, DOT-BTC, DOT-EUR, DOT-GBP, and DOT-USDT. Coinbase added,
“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.”
Polkadot enables cross blockchains transfers of tokens and data by working with public and private blockchains.
It aims to achieve high degrees of security and scalability. DOT serves as the protocol’s governance token and can be used for staking to secure the network or to connect new chains.
Currently, Polkadot (DOT) is only available on Coinbase Pro. However, the exchange has future plans to add DOT to its other suite of products.
The exchange typically adds cryptocurrencies to its retail platform a few weeks after first listing them on the professional version, although that has not been the case for all assets.
Coinbase’s decision to list DOT follows the listing of Dogecoin (DOGE). Other recent listings include Sushiswap (SUSHI), Tether (USDT), Solana (SOL), and Cardano (ADA).
Apart from adding assets to its trading platform, Coinbase has been on a recruiting drive as it furthers its expansion plans.
The firm has tapped Christian Sabella, a former deputy director of the US Securities and Exchange Commission (SEC), to lead the exchange’s legal work on capital markets.
Coinbase is also reportedly looking into setting up its second office in New York. This comes after it announced plans to shut down its San Francisco headquarters last month. The firm is transitioning into smaller offices and remote work and thus sees no need in having a major headquarters.
DOT Token Surges As Coinbase Effect Hits
Coinbase has that effect where its listings tend to create higher price demand for the token or coin. Polkadot was no different as the asset surged right after the announcement.
Investors are increasingly buying into this digital asset on the basis that Coinbase is the leading US-based cryptocurrency exchange with the greatest exposure of institutional investors in the crypto-verse.
At press time, the eighth-most valuable crypto asset by market value traded at $24.76 with a daily trading volume of about $3 billion and is up 10.92% for the day.
Meanwhile, Polkadot will begin auctioning off parachain slots on its sister network Kusama today. According to Polkadot creator Gavin Wood, auctioning off these slots will allow more blockchains to deploy onto the Polkadot network and interact with other blockchains.