Cryptocurrency trading platform Coinbase is launching several new British pound (GBP) pairs starting today. To support the launch, UK customers can send GBP to their Coinbase accounts via domestic bank transfer. The new pairs will be rolled out in a series of tweets @CoinbasePro.
Coinbase Pro already supports Bitcoin–GBP. The new pairs are
- Ethereum (ETH–GBP)
- Ethereum Classic (ETC–GBP)
- Litecoin (LTC–GBP)
- Bitcoin Cash (BCH–GBP)
Full trading will be phased in in three stages.
- 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.
On May 23, GDAX, Coinbase’s exchange was rebranded as Coinbase Pro, flashing a revamped user interface. The platform remains as the company’s professional cryptocurrency trading platform for individuals.
The UK at large, however, represents only a sliver of the cryptocurrency trading volumes – less than 1% globally.
According to research by Morgan Stanley, Malta captures the highest trading volumes, primarily through Binance, one of the world’s leading crypto exchanges, as Coinbase faces stiff competition in the UK, which takes the top spot for the most cryptocurrency exchanges in the world.