Coinbase Pro opens to dogecoin after the coin’s 6,000% gain this year

Coinbase is finally getting into dogecoin.

Starting Tuesday, the cryptocurrency exchange offers its Pro users the option of exchanging dogecoin, a cryptocurrency that started as a joke and has taken off this year, aided by frequent tweets from Tesla CEO Elon Musk.

Dogecoin is currently trading at 32 cents, up almost 6,000% on the year. However, it has fallen more than 50% since it peaked in May.

Coinbase is one of the largest crypto exchanges on the planet, and its Pro service, as the name suggests, is designed for professional traders. Dogecoin is also available for purchase on the Robinhood app and through Gemini.

Coinbase said in a blog post that it will “immediately” begin accepting incoming transfers to Coinbase Pro. If there is sufficient liquidity, dogecoin trading will begin as of 9AM PST Thursday at supported locations. However, the trade will be staggered.

The company says it plans to launch in three phases: post only, limit only, and full negotiation.

“If at any time one of the new order books does not meet our assessment of a healthy and orderly market, we may keep the book in a state for a longer period of time or suspend trading,” the company wrote, citing its business rules. .

Dogecoin is not yet available on Coinbase’s main website or its consumer mobile apps. The company said there will be a “separate announcement if this support is added.” For now, that means retail investors will have to look elsewhere.

Coinbase, which went public in April, gets most of its money from trading and storing bitcoin and ethereum, the largest cryptocurrencies.

CEO Brian Armstrong has been a public defender of meme-inspired dogecoin. In the company’s May 13 earnings call, Armstrong said “adding assets is near and dear” to his heart.

He referenced dogecoin as one of the cryptocurrencies that is receiving a lot of attention and shared the company’s plan to list the token in six to eight weeks.

Add Comment