San Francisco-based crypto exchange Coinbase has confirmed that on June 8, 2020, it will begin taking inbound transfers of Maker (MKR) to Coinbase Pro, the platform for professional digital asset traders.
The exchange operator said that users may start trading MKR via Coinbase “on or after 9AM Pacific Time (PT) the following day, if liquidity conditions are met.”
After sufficient supply of MKR tokens has been established on the exchange, the trading of MKR-USD and MKR-BTC order books will begin in phases, starting with “post-only” mode and then moving on to full trading if Coinbase’s metrics for a “healthy” market are met.
Maker (MKR) is an ERC-20 compliant utility token that holders can use to make governance-related decisions on the MakerDAO platform, which is an Ethereum-based decentralized lending system.
The Maker system manages the Ethereum-based Dai stablecoin, which aims to maintain a 1-to-1 peg with the US dollar.
MKR tokens won’t be available for trading on Coinbase.com or through the exchange’s Consumer mobile applications. The exchange said it will make another announcement “if and when this support is added.”
In April of last year, Coinbase Pro had tried to add support for MKR tokens in a few jurisdictions, but “due to limited liquidity, these books failed to meet [the exchange’s metrics for a healthy market.” So, Coinbase’s management decided not to move forward with the trading.
More details about the MKR listing are available here.
Coinbase recently began offering Tezos (XTZ) staking to its UK customers and in several other EU member nations, after successfully introducing it in the US where traders have reportedly earned a combined $2 million just from staking the tokens.