Coinbase Welcomes Dogecoin to its Pro Trading Platform
Coinbase, a top cryptocurrency exchange, has welcomed Dogecoin to its pro trading platform. After eye-popping year-to-date gains of approximately 6000%, trading is expected to start on June 3rd in supported locales, pending sufficient liquidity.
What is Dogecoin?
Dogecoin is a cryptocurrency that began as a joke based on a popular Shiba Inu meme. It has gained additional attention and traction during the past year. Celebrities and prominent individuals like Tesla Founder Elon Musk have sparked curiosity in the coin through occasional tweets and meme posts. The light-hearted meme coin, like other cryptocurrencies, has experienced some volatility along the way. The token can also be purchased and acquired on platforms such as Robinhood and Gemini, to name a few.
Dogecoin’s Coinbase Pro Debut
Pro users, typically professional traders, can now trade this coin. The company, which recently went public on the Nasdaq stock exchange, uses a multiphase launch approach to ease into full trading. The crypto exchange will start with inbound transfers, progress to post-only, followed by limit-only trading and full trading. This multiphase process ensures a smooth transition that aligns with its trading requirements.
Beyond Coinbase Pro
A subsequent launch on the company’s main website and mobile apps, used by retail investors, is anticipated to be in the works following the pro launch. Potential investors can expect future communications from the company to confirm this additional support for retail investors. Additionally, the popular crypto exchange makes most of its profit from the trading fees of sizable cryptocurrencies like Ethereum and Bitcoin. However, as indicated by Coinbase’s CEO Brian Armstrong, the company appears to be warming up to the idea of increasing its variety of cryptocurrency offerings on the platform. These additional assets may be welcome news to both pro and retail investors alike.