Brave Browser’s Basic Attention Token (BAT) is now available to retail traders. This is after an official announcement that Coinbase will introduce trading for BAT in stages. As per the announcement, the token listed on Coinbase Pro after establishing sufficient liquidity.
Per the official statement, the BAT introduction happened in stages. To clarify, the phased launching helped control the order books to avoid unhealthy offers. The exchange said it would freeze the advancement of the order book at any stage in case their assessment turns up with issues.
The first phase was transfer-only. Here, the exchange allowed customers to transfer BAT tokens to their wallets into Coinbase Pro. At that stage, the users were not able to place any order. After 12 hours, the order book switched to the next stage.
Secondly, the order book entered the post-only stage after 12 hours in the transfer-only stage. In particular, this stage allowed customers to post limit orders. Notably, Coinbase Pro shortened this stage in the interest of market health.
Thirdly, the order book entered the limit-only phase where the exchange began matching the orders from post-only. Then, the order books took a minimum of 10 minutes to mature in this stage.
Finally, the order books are now available for full trading. Here, customers have access to limit, market, and stop orders.
The token jumped 32% within few minutes of the original announcement. Interestingly, the jump could be as a result of the Coinbase Effect. This refers to the fact that whenever Coinbase lists a token, its price shoots through the roof.
This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
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