Coinbase Pro, the San Francisco based cryptocurrency exchange has announced adding the British Pound (GBP) as a crypto trading partner. The upgrade was eagerly anticipated following an announcement on August 1 of plans to start supporting the GBP.
According to the official announcement, the GBP will become available for trading Bitcoin, Ethereum and other digital currencies on the platform beginning 9 am BST on Friday, September 7, 2018, for their UK based customers.
Pairing with the Pound
The exchange had earlier made a commitment to start offering British Pound pairings so it would become British cryptocurrency enthusiasts’ “exchange of choice.” Accordingly, the new GBP pairings will include Ethereum Classic (ETC), Ethereum (ETH), Bitcoin Cash (BTC) and Litecoin (LTC). The British Pound-Bitcoin pairing was already included in the exchange’s cryptocurrency-fiat offering.
Coinbase, formerly known as GDAX, is a leading US-based cryptocurrency exchange and ranks among the world’s ten leading platforms by trade volume. The company launched its London office in March 2017 and was thereafter granted an e-money trading license by UK’s Financial Conduct Authority.
The license enabled the exchange to open UK-based bank accounts and as the first cryptocurrency exchange to take that step; it claims it’s able to offer its UK-based customers reduced trading fees for their services.
UK Experiences Crypto Fervour
The company’s UK CEO Zeeshan Feroz stated that their UK-based cryptocurrency traders can now transfer their funds in and out of the Coinbase platform via a Faster Payments protocol which they expect will help to grow their local customer base. While the involvement of the new cryptos is a huge step forward, the company said the new GBP pairings will have to wait until there is a sufficient demand for their services within the UK before they can enjoy its complete range of services.
The launch will follow Coinbase’ usual three stage of trading pairs; the first stage, known as the post-only phase, allows users to only post limit orders without matches and the books stay in this mode for at least ten minutes.
The next phase will be the limit only mode when limit orders match even though customers cannot submit market orders; the limit-only mode also lasts a minimum of ten minutes.
The last phase is the full trading mode that allows full trading services available in GBP pairs and will include limit, market and stop orders.