Monitors display Coinbase signage during the company’s initial public offering (IPO) on the Nasdaq MarketSite in New York City on Wednesday, April 14, 2021.
Michael Nagle | Bloomberg | Getty Images
Coinbase is finally launching into dogecoin.
Starting Tuesday, the crypto exchange offers its Pro users the option to trade 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 nearly 6,000% for the year. However, it has fallen more than 50% since peaking 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 begin accepting inbound transfers to Coinbase Pro “immediately”. If there is sufficient liquidity, dogecoin trading will begin at 9:00 a.m. PT on Thursday at supported locations. However, the exchanges will be staggered.
The company has announced plans to launch in three phases: post-only, limit-only, and full trading.
“If at any point in time any of the new order books do not meet our assessment of a healthy and orderly market, we may keep the book in a condition for a longer period or suspend trading,” wrote the company, citing its trading rules. .
Dogecoin is not yet available on Coinbase’s main website or its mainstream mobile apps. The company said there will be a “separate announcement if and when this support is added.” For now, that means retail investors will have to look elsewhere.
Coinbase, which went public in April, derives most of its money from trading and storing bitcoin and ethereum, the largest cryptocurrencies.
CEO Brian Armstrong has been a public advocate for dogecoin inspired by memes. During the company’s earnings call on May 13, Armstrong said that âthe addition of assets is something close and dearâ to his heart.
He referred to dogecoin as one of the much attention-grabbing cryptocurrencies and shared the company’s plan to list the token in six to eight weeks.