- LINK gets listed on Coinbase pro, trading to start soon
- LINK will be rolled out in four different stage
- Only deposits are available as of now
- LINK sees no price surge prior to coinbase listing
Chainlink has been the talk of the town in recent weeks. Right after Google announced that its developing hybrid blockchain cloud applications using Ethereum’s smart contracts technology and its native cloud service BigQuery, connected through the decentralized oracle project Chainlink. Holders of the cryptocurrency Chainlink (LINK) were stoked about the company’s mega milestone in partnering with tech giant Google. The price of Link tokens surged over 70% hitting an all-time high of $1.94 with it’s market cap hitting $680 million. The Company’s latest advancement was its fresh entrance to the Coinbase system.
Coinbase Pro a significant win for Chainlink
Coinbase pro, the advanced cryptocurrency exchange announced on June 26th that it will be activating inbound transfers of LINK to Coinbase pro. After a sufficient supply of link is generated in the platform, trading on the Link/USD, and Link/Eth order books will start in phases. The token will be available in all the areas Coinbase operates in except for the state of New York.
As per the announcement, Coinbase Pro will launch Chainlink in four different stages which are:
- Transfer only – In this case, customers will be able to transfer Link tokens to their Coinbase Pro accounts. Customers won’t be able to place orders
- Post only – The second stage where customers can post limit orders but they won’t be matched.
- Limit only – The third stage where limit orders will start matching but customers won’t be able to submit market orders
- Full trading – All trading services will be available.
The announcement further states that customers will be notified about the phase updates via twitter.
Chainlink is an ERC-20 token which powers a decentralized oracle network. This creates a gateway for smart contracts to safely connect to external data sources, APIs, and various payment systems. LINK tokens are used for payments for Ethereum smart contracts backed by Chainlink. The network supports Ethereum smart contracts that rely on inputs from external data sources.
“By allowing multiple Chainlinks to evaluate the same data before it becomes a trigger, we eliminate any one point of failure, and maintain the overall value of a smart contract that is highly secure, reliable, and trustworthy.”
LINK is not affected by the Coinbase Effect
Despite other alts dipping against Bitcoin, LINK has shown a great performance during the early days of June, thanks to the IT giant Google. However, we have previously seen many alt coins gain a surge in their prices after they’re listed on Coinbase, but this doesn’t seem to be the case for LINK. The token was down 1.2% after the Coinbase pro listing, but soon after managed to get back up to an 8% rise and is trading at $2.33 at the time of writing.