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The cryptocurrency exchange, Coinbase has announced the launch of Dogecoin [DOGE] to the user of its professional trading platform on Tuesday. Coinbase Pro’s official blog post stated that enabling the transfer of DOGE into their pro account ahead of trading.
The support for the meme-coin will be available in supported jurisdictions of the exchange while trading will initiate on or after 9 AM Pacific Time [PT] on the 3rd June if liquidity conditions are met. The company revealed that it would stagger the launch of the crypto’s and went on to add that,
“Once sufficient supply of DOGE is established on the platform, trading on our DOGE-USD, DOGE-BTC, DOGE-EUR, DOGE-GBP, and DOGE-USDT order books will launch in three phases, post-only, limit-only and full trading.”
However, the platform did not reveal whether Coinbase would unveil Dogecoin to its retail platform or mobile application. Generally, the exchange is known to add crypto-assets to its retail platform a few weeks after first listing on its Pro version.
This comes a month after CEO Brian Armstrong first teased the listing of the meme coin on the exchange platform during an earnings call.
Currently, many in the community use the Robinhood app as well as Gemini for the purpose of buying and selling Dogecoin. However, Coinbase has opened the cryptocurrency to a whole new base of people. The exchange recorded over 43 million unique users in 2020. Moreover, around 3 million of those users were processing transactions every month.
Dogecoin Jumps By Over 15%
The listing on Coinbase Pro was a major boost for Dogecoin’s price. The development triggered a surge of 15% over the past 24-hours in the cryptocurrency which was necessary to build an upward momentum after days of maintaining a low profile since the disastrous market crash.
However, Dogecoin bounced back and was now trading at $0.369. It even surpassed XRP after the latest uptick to reclaim the spot of the sixth-largest crypto-asset by market cap on the leaderboard.