Coinbase Pro, the cryptoexchange’s professional trading arm, started accepting Dogecoin (DOGE) inbound transactions, paving the way for greater use of the meme-based digital asset.
Starting Tuesday, the crypto exchange is offering its Pro users the option to trade dogecoin, a cryptocurrency that was started as a joke and has taken off this year, helped by the frequent tweeting of Tesla CEO Elon Musk.
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 Robinhood’s app and through Gemini.
Coinbase said in a blog post that it will “immediately” begin accepting inbound transfers to Coinbase Pro. If there is enough liquidity, trading of dogecoin will begin on or after 9 a.m. Pacific Time on Thursday, in supported locations. However, trading will be staggered.
Starting today, inbound transfers for DOGE are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Trading will begin on or after 9AM PT on Thursday June 3, if liquidity conditions are met. https://t.co/sFYODy4Xma
— Coinbase Exchange ?️ (@CoinbaseExch) June 1, 2021
DOGE will initially be available in five trading pairs: DOGE/USD, DOGE/BTC, DOGE/EUR, DOGE/GBP, and DOGE/USDT. Order books will be available in three stages, starting with post-only, then limit-only, and finally full-trading.
“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules,” Coinbase said.
Dogecoin is currently trading at 35 cents, up 5% on daily range, and almost 6,000% for the year. However, it’s dropped 50% since reaching an all time high in May.
