Coinbase Pro, the professional trading exchange from popular bitcoin exchange Coinbase, announced today they will begin accepting inbound transfers of XRP to Coinbase Pro. The exchange will accept deposits for a minimum of 12 hours prior to enabling full trading.
Once an adequate supply of XRP is established on the Coinbase Pro platform, trading on the XRP/USD, XRP/EUR, and XRP/BTC order books will start in phases, beginning with post-only mode and proceeding to full trading, this is subject to Coinbase metrics for a healthy market to be met.
XRP trading will initially be accessible for Coinbase Pro users in the US (excluding NY), UK, supported European Union member nations, Canada, Singapore, and Australia. Additional jurisdictions may be added at a later date.
Stages of the XRP Launch
There will be four stages to the launch outlined by Coinbase Pro below:
- Transfer-only – Starting from 10 am PT on Feb. 25th, customers will be able to transfer XRP into their Coinbase Pro account. Customers will not yet be able to place orders and no orders will be filled on these order books. Order books will be in a transfer-only mode for at least 12 hours.
- Post-only – In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in a post-only mode for a minimum of one minute.
- Limit-only – In the third stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in a limit-only mode for a minimum of ten minutes.
- Full trading – In the final stage, full trading services will be available, including limit, market, and stop orders.
XRP is the cryptocurrency used by the XRP ledger, which supports cross-border transfers and remittances. The ledger is powered by a network of peer-to-peer servers. All accounts on this network can send or receive XRP to/from each other, while XRP can be used to send underlying fiat currencies between two parties. In this way, XRP can function as a bridge currency in transactions involving different currencies such as US dollars, Japanese yen, Euros, Francs, and others in use on the XRP network.
Note that XRP is not yet available on Coinbase.com or via mobile apps, a separate announcement will be made when that occurs.