Coinbase Announces Support for Basic Attention Token (BAT)

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Photo Credit: WSJ

Coinbase is making yet another wave after grabbing some major headlines during the week. According to reports, the major U.S. cryptocurrency is set to start accepting deposits of Basic Attention Token after it agreed to list the digital asset.

Although Coinbase has now added Support for BAT tokens on its Coinbase Pro platform, nevertheless, trading of this token will only commence once the exchange receives sufficient liquidity. While Coinbase is optimistic that trading of BAT will commence without restrictions, the crypto exchange states that trading BAT/USD pair will not be available to residents of New York. Also,BAT isn’t available on Coinbase.com or its Android or iOS applications.

Following the announcement, Trading of BAT will go through four stages which include “transfer only” where users will be allowed to transfer BAT to their Coinbase Pro accounts to the “Post only” stage, where users can post limit orders. The next two stages include “limit only” where customers can place limit orders and lastly, the “full trading” stage, where customers have access to full trading services including placing limits, market and of course, stop orders.

Per the announcement, the price of BAT surged to almost 20 percent and now trades at $0.315. As it stands now, BAT total market cap is around $305 million with daily trading volume soaring more than $42 million.

Basic Attention Token is an Ethereum based digital asset that is running on the blockchain powered privacy browser, Brave. When it launched its Initial Coin Offering, the company raised $35 million in 30 seconds.

It would be recalled that Coinbase supported trading for (ZRX) in October, making that digital asset the first ERC-20 token supported on its platform. Also, it was in the same month that the platform announced its support for the USDC stable coin.

With the listing of BAT token by Coinbase, the coming days could Kick start another mile stone for the company. For now, we can only watch and see how the crypto community reacts to this development.