It was announced that Coinbase’s platform for professional traders, Coinbase Pro, started supporting from May 18th deposits, withdrawals, and trades with the OMG token. Users of Coinbase Pro will now be able to exchange OmiseGo for US dollar and Bitcoin. This announcement boosted the price of the ERC20 token, as the coin increased by 25 percent at that time.
On Monday, May 18, our OMG-USD and OMG-BTC order books will enter transfer-only mode, accepting inbound transfers of OMG in supported regions. Orders cannot be placed or filled. Order books will be in transfer-only mode for a minimum of 12 hours. https://t.co/fie0n8dlQM
— Coinbase Pro (@CoinbasePro) May 14, 2020
“On Monday, May 18, we will begin accepting inbound transfers of OMG to Coinbase Pro. We will accept deposits for at least 12 hours prior to enabling full trading. Trading will begin on or after 9AM Pacific Time (PT) the following day, if liquidity conditions are met.”– read the blog post.
The OMG introduction took place in four steps. The first one occurred on May 18, where users were able to only deposit OMG into their Coinbase Pro account. In the second phase, customers were able to post limit orders, but their orders were not matched.
Orders were then matched, with market orders still unavailable, and order books had a limit of 10 minutes. In the final stage, full trading functionalities and orders were available for OMG.
“Once sufficient supply of OMG is established on the platform, trading on our OMG-USD and OMG-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.”
Coinbase further stated that it may be possible to add support for euros and pound sterling trading against OmiseGo from May 19.
“Additional books including OMG-EUR and OMG-GBP may also be supported as soon as 7am PT on Wednesday, May 19.”
Coinbase has noted that OmiseGO trading would not yet be introduced on their main platforms or their consumer mobile apps.
Featured image: Coinbase Blog