Coinbase Announces New Crypto Trading Pairs for GBP from Friday
One of the most popular cryptocurrency exchange in the market, Coinbase has announced it will begin rolling out new order book trading pairs for British pounds (GBP) on Sept. 7 for traders based in the U.K.
David Farmer, general manager of Coinbase Pro, wrote in a blog post today, Thursday Sept 6. the order book exchange will offer trading services for GBP against ETH, bitcoin cash, ethereum classic, and litecoin, in addition to BTC that is currently available.
The company said each new offering will first go through a post-only phase and then a limit-only stage before full trading services can be available, such as limit, market, and stop orders.
Farmer further explained in the post-only phase, the exchange will only allow users to post limit orders but matching will not be available for at least 10 minutes.
After that, limit orders will start matching but no market orders can be submitted. The limit-only phase will also take another minimum of 10 minutes.
The news follows a report in early August that Coinbase, as reported by CoinDiary, enabled direct withdrawal and deposit services for GBP for the first time through the Faster Payments Scheme.
It replaced the traditional method of converting GBP to EUR which normally took days to complete a bank transfer.
The GBP trading offering also comes months after the U.S. exchange secured an e-money license from the U.K. Financial Conduct Authority, paving the way for Coinbase to expand its services to the U.K. and Europe.