Coinbase has announced yesterday the launched of new GBP trading pairs to start on Friday 7 September at 9 AM BST.
The new pairs being launched are ETH/GBP, ETC/GBP, LTC/GBP, and BCH/GBP – Coinbase Pro already supports BTC/GBP at this time.
The announcement follows the news released earlier this month that Coinbase would be adding GBP support, something discussed by Coinbase UK CEO Zeeshan Feroz in a recent CCN interview. Coinbase listed Ethereum Classic in mid-August, causing a price spike due to the increased interest in and liquidity of the cryptocurrency.
The new GBP features come with benefits for UK customers wishing to trade in cryptocurrencies, making it faster and cheaper for them to do so. As Feroz told CCN:
“We have been working to introduce Faster Payments for as long as we’ve been operating in the UK. Customers not only benefit from increased speed, but reduced cost as well. By no longer having to convert funds from Pound Sterling to Euros and vice versa to add and remove funds, there will be no more exchange rates. This will make crypto easily accessible to most people in the UK.”
There will be three stages to the new pairs launch – Coinbase Pro will follow each of these stages independently with each phase announced in real time via Coinbase Pro’s Twitter.
“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 stage (as identified below) for a longer period of time, or suspend trading as per our Trading Rules.”
- Post-only. In the first stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of 10 minutes.
- Limit-only. In the second stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of 10 minutes.
- Full trading. In the final stage, full trading services will be available, including limit, market, and stop orders.
While Coinbase has seen a huge decline in volume during the recent market correction, continued innovations like making the cryptomarkets more accessible to UK customers may prove invaluable in preserving the business model and market share of the prominent crypto exchange.
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