According to the latest news, the crypto exchange Coinbase finally decided to get into Dogecoin.
Starting Tuesday, Coinbase is offering its Pro users the option to trade Dogecoin. As we know, Dogecoin is a meme-based cryptocurrency that started as a joke and has skyrocketed this year, supported by the frequent tweeting of Tesla boss Elon Musk.
Dogecoin is currently trading at 32 cents, up about 6,000% for the year. Still, it’s declined by more than 50% since hitting a peak in May.
Coinbase, a U.S.-based company that operates a cryptocurrency exchange platform, is one of the biggest crypto exchanges in the world. Its Pro service is for professional traders. A meme-inspired cryptocurrency is also available for purchase on Robinhood’s app and through Gemini.
Coinbase announced that it would immediately start accepting inbound transfers to Coinbase Pro. If there is enough liquidity, the trading of Dogecoin will start on Thursday in supported locations. Still, trading will be staggered.
According to the company, if at any point one of the new order books doesn’t meet their assessment for a healthy and orderly market, they may keep the book in one state for a more extended period or suspend trading.
Doge Is Not Available on Coinbase’s Primary Website or Its Consumer Mobile Apps
Meanwhile, Dogecoin is not yet available on Coinbase’s primary website or its consumer mobile apps. According to the firm, there will be a separate announcement if and when the company will add support. For now, that suggests that retail investors will have to look elsewhere.
It’s essential to mention that Coinbase, which went public in April, makes most of its money from the trading and storage of Bitcoin and Ethereum, the biggest cryptocurrencies.
Brian Armstrong Coinbase’s CEO has been a public advocate of meme-based cryptocurrency. He referenced Dogecoin as one of the cryptocurrencies that’s getting much attention. He shared the firm’s plan to list the token in six to eight weeks.
