Cryptocurrency exchange Coinbase listed the Basic Attention Token (BAT) on its “Pro” trading platform on Nov. 2, after months of speculation surrounding the support of popular altcoins.
BAT’s Market Dominance
A utility token powering the Brave browser and marketplace, BAT is the world’s 30th largest cryptocurrency by the total market cap of $295 million. It was launched in June 2017 and raised $35 million in a mere 30 seconds during ICO, making it amongst the fastest-selling token issuances of all time.
Coinbase’s decision comes after months of retail speculation regarding the listing of altcoins on the exchange. While the bourse counts 10 million users on its platforms, its business practices are typically conservative and tend to follow strict regulatory guidelines. Recently, the company was valued at a mammoth $8 billion and is dubbed by mainstream media quarters as the “Google of Cryptocurrencies.”
Currently, customers are able to deposit BAT on Pro’s trading platform for an undefined period – until “sufficient liquidity” is amassed for the digital asset. Once the latter is achieved, the BAT/USD trading pair will be the first to open trading.
Coinbase.com Announcement May Follow
Similar to previous altcoin listings, Coinbase shall introduce a four-step process for the responsible trading and onboarding of new clients, investors, and traders – transfer-only, post-only, limit-only, and full trading.
Although BAT is a decentralized, borderless cryptocurrency, citizens from New York will not be able to purchase BAT due to a strict regulatory climate surrounding financial startups in the region.
For now, it is not available for purchase on Coinbase.com, the firm’s proprietary business. Instead, it makes an appearance on Pro’s iOS and Android application, with the firm adding a separate announcement will be made at later stages for significant developments.
At the time of writing, BAT trading is up 32 percent at 33 cents from a low of 26 cents on Nov. 1. The price jump is explained by the colloquially-dubbed “Coinbase Effect,” meaning immense price spikes of a particular asset after Coinbase makes a listing announcement.
Cover Photo by Kea Mowat on Unsplash
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Post-mining his first bitcoins in 2012, there was no looking back for Shaurya Malwa. After graduating in business from the University of Wolverhampton, Shaurya ventured straight into the world of cryptocurrency and blockchain. Using a hard-hitting approach to article writing and crypto-trading, he finds his true self in the world of decentralized ideologies. When not writing, Shaurya builds his culinary skills and trades the big three cryptocurrencies.
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