Cryptocurrency platform Coinbase announced on Monday it is now accepting inbound transfers of XRP to Coinbase Pro. The platform reported that it is accepting deposits for a minimum of 12 hours prior to enabling full trading and the inbound transfers require the specification of an XRP destination tag.
According to Coinbase, once sufficient supply of XRP is established on the platform, trading on the XRP/USD, XRP/EUR, and XRP/BTC order books will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met. The platform reported:
“XRP trading will initially be accessible for Coinbase Pro users in the US (excluding NY), UK, supported European Union member nations, Canada, Singapore, and Australia. Additional jurisdictions may be added at a later date.”
Coinbase also reported that all accounts on the Coinbase Pro network can send or receive XRP to/from each other, while XRP can be used to send underlying fiat currencies between two parties. In this way, XRP can function as a bridge currency in transactions involving different currencies such as US dollars, Japanese yen, Euros, Francs, and others in use on the XRP network. There will be four stages to the launch, which are the following:
- Transfer-only: Customers will be able to transfer XRP 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: 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: 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: Full trading services will be available, including limit, market, and stop orders.