Coinbase Pro will begin accepting inbound transfers of chainlink today in preparation for the rollout of full trading services for the cryptocurrency, according to a company statement.
Once a sufficient supply of LINK is established on the platform, the company will phase in trading options for USD and ETH. The company said they will stage four transitions for each order book before LINK is fully integrated:
Transfer-only. Starting at 10am PT on June 26, customers will be able to transfer LINK into their Coinbase Pro account. Customers will not yet be able to place orders and no orders will be filled on these order books. Order books will be in transfer-only mode for at least 12 hours.
Post-only. In the second 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 one minute.
Limit-only. In the third 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 ten minutes.
Full trading. In the final stage, full trading services will be available, including limit, market, and stop orders.
Trading will be available wherever Coinbase Pro has jurisdiction, with the exception of New York State. LINK will not be offered on Coinbase.com or via the company’s mobile apps.
Chainlink is an ethereum token that powers a decentralized oracle network. This network allows smart contracts on ethereum to securely connect to external data sources, APIs, and payment systems.
“One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time,” the company said.