Screens show Coinbase signage through the firm’s preliminary public providing (IPO) on the Nasdaq MarketSite in New York, on Wednesday, April 14, 2021.
Michael Nagle | Bloomberg | Getty Photos
Coinbase is lastly moving into dogecoin.
Beginning Tuesday, the crypto trade is providing its Professional customers the choice to commerce dogecoin, a cryptocurrency that was began as a joke and has taken off this yr, helped by the frequent tweeting of Tesla CEO Elon Musk.
Dogecoin is at the moment buying and selling at 32 cents, up virtually 6,000% for the yr. Nevertheless, it is dropped by greater than 50% since reaching a high in May.
Coinbase is likely one of the largest crypto exchanges on the planet, and its Professional service, because the identify suggests, is designed for skilled merchants. Dogecoin can be accessible for buy on Robinhood’s app and thru Gemini.
Coinbase mentioned in a blog post that it’ll “instantly” start accepting inbound transfers to Coinbase Professional. If there may be sufficient liquidity, buying and selling of dogecoin will start on or after 9 a.m. Pacific Time on Thursday, in supported places. Nevertheless, buying and selling might be staggered.
The corporate says it plans to launch in three phases: post-only, limit-only and full buying and selling.
“If at any level one of many new order books doesn’t meet our evaluation for a wholesome and orderly market, we might hold the guide in a single state for an extended time period or droop buying and selling,” the corporate wrote, citing its trading rules.
Dogecoin isn’t but accessible on Coinbase’s main web site or its client cellular apps. The corporate mentioned there might be a “separate announcement if and when this assist is added.” For now, that implies that retail buyers must look elsewhere.
CEO Brian Armstrong has been a public advocate of the meme-inspired dogecoin. On the company’s May 13 earnings call, Armstrong mentioned that “asset addition is one thing close to and expensive” to his coronary heart.
He referenced dogecoin as one of many cryptocurrencies that is getting a number of consideration and shared the corporate’s plan to listing the token in six to eight weeks.