- Coinbase has announced that BAT is now available to trade for its pro users
- The token will launch in four stages
- There are plans for BAT to be introduced to app users
Coinbase has announced that from the 2nd of November 2018, it will begin accepting inbound transfers of Basic Attention Tokens (BAT). Deposits will be accepted for 12 hours before trading, which is only available on Coinbase Pro, for now, commences.
BAT/USDC order books will also be possible once liquidity is established. This also means that USDC/BAT conversions can be done instantly on Coinbase pro. While this service can be used for all CoinBase users, those in New York will initially be unable to access the service.
App users will not have access to these services but Coinbase has stated that there will be an announcement when that begins.
How the launch will take place
The launch will, according to Coinbase, take place in four stages. In the statement, it was emphasized that trading could be postponed or suspended if the book order does not meet up to Coinbase’s standards.
The first stage will begin at 1 pm on the 2nd of November where users will be allowed to transfer BAT into their Coinbase pro accounts. However, they will not be able to trade or make orders yet and no orders will be filled. For the first 12 hours, only transfers will be enabled.
The second stage is the post-only stage. After the 12-hour transfer-only period elapses, users will be able to place order limits. However, orders will not be completed and no matches will be made. Instead, orders will be held in post-it mode for about a minute to increase market health.
The third stage is the limit-only stage. At this point, orders will begin getting matched but users will not be able to submit market orders. Instead, orders will be held in limit-only mode for about ten minutes.
The final stage is the full trading stage where all services including limit, market, and stop orders will be available.
Basic Attention Token
Brave browser is an open-source web browser whose users can earn its native cryptocurrency Basic Attention Token (BAT) that is based on Ethereum.
There has been speculation about BAT being added to CoinBase. However, the timing caught some off-guard. It has been touted as a viable option for the digital publishing sector and is seeing more widespread use.
At press time, BAT sits comfortably at the 30th position on CoinMarketCap crypto table, trading at $ 0.29 with a market cap of $296 million.