Coinbase has officially announced that from Monday, February 24th, Kyber Network’s KNC token will be available on the Pro version.
As many people know, the Coinbase exchange is available in two versions, a simple and basic one for non-expert users, and an advanced one for professional traders called Coinbase Pro.
The latter version of the exchange features pairs that are not available on the basic version, and next week KNC/USD and then KNC/BTC will be available for trading. However, these pairs will not be available for users residing in New York State and the UK.
12 hours before trading starts, KNC token deposits will be enabled on the platform wallet so that trading can start immediately once enabled.
Trading will start at 9:00 PST (Pacific Standard Time) or the next day if the liquidity conditions aren’t met.
Initially, the post-only mode will be available, but if Coinbase’s internal market requirements are met, full trading will also be enabled.
The 4 distinct phases of launching on Coinbase
In the first phase, as mentioned above, only KNC token deposits on Coinbase Pro wallets will be activated.
In the second phase, limit orders will be triggered, but they will not be executed. That is, the order book will be in post-only mode for one minute, or until sufficient conditions are reached to move to the third phase.
In the third phase, limit orders will start to be executed, but market orders will not be enabled yet. The order book will remain in limit mode only for at least ten minutes.
In the fourth phase, all trading services will be enabled, including limit, market and stop orders.
KNC is an ERC20 token issued on the Ethereum blockchain that is used to pay commissions on Kyber Network, a protocol that aims to make the trading of cryptocurrencies and digital assets easier and more efficient, aggregating liquidity from a wide range of reserves.