Over the past weeks, Coinbase Pro, a popular United States-based digital currency trading platform, has been actively throwing support for a lot of decentralized finances (DeFi) tokens. Today, the exchange revealed it will be supporting the trading of another DeFi token dubbed UMA. UMA protocol token reportedly garner so many points about two weeks ago.
Coinbase Pro will begin accepting inbound transfer for UMA protocol token from Friday
According to the exchange’s blog post today, it will start supporting inbound transfers for the UMA protocol token starting from September 4. This simply means that the users can be able to deposit UMA into their trading accounts held with the exchange at the said date. However, the trading of the token will not begin immediately.
Coinbase noted that trading will begin by next week, precisely on September 8, before or after 9 AM Pacific Time. Listing of these DeFi tokens usually requires enough liquidity base to achieve. So, the exchange opined that the trading might likely not hold at the said date, except the liquidity conditions are met.
Coinbase support for DeFi tokens
For the start, the exchange will only support UMA/BTC the cryptocurrency trading pair. Also, the exchange will open order books in four phases for the following fiat trading pairs UMA-USD, UMA-EUR, and UMA-GBP, once it gains enough supply of UMA protocol token. The phases include transfer-only, post-only, limit-only, and full trading.
As the DeFi markets continue to grow, with new protocols launched almost every day, Coinbase has also not relented in supporting these tokens on its platform. Besides supporting the UMA protocol token, the exchange already facilitates the trading of similar tokens such as Compound (COMP), Maker (MKR), Band (BAND), and more.