Following a previous announcement of its decision to introduce support for GBP to customers in the UK, Coinbase on September 6, 2018 announced the official launch of a new set of GBP trading pairs for cryptocurrencies on Coinbase Pro including Bitcoin, Ethereum, Litecoin and Bitcoin Cash, effective 9AM BST on Friday September 7, 2018.
Long Anticipated Move
As its UK trading volumes have grown, Coinbase has previously indicated that it will take steps to make crypto purchases easier for its UK customers. With this announcement, Coinbase Pro now holds the distinction of being the only major crypto exchange to support UK domestic bank transfers via UK Faster Payments. According to the platform, this is in pursuit of its goal to become “the trading platform of choice for UK crypto traders”.
The newly launched trading pairs are ETH/GBP, ETC/GBP, LTC/GBP, and BCH/GBP. At the moment, there is already support on Coinbase Pro for BTC–GBP. The announcement blog post states that ahead of the service launch for the new trading pairs on September 7, UK customers can now send GBP to their Coinbase accounts via domestic bank transfer.
The new trading pairs enable UK Coinbase Pro customers to acquire and trade crypto more quickly and less expensively. Previously when GBP trading pairs were not available, UK users would first of all have to change their GBP to USD in a transaction that attracts a fee on its own before gaining access to Coinbase trades. After trading, they would then need to convert their crypto to USD, and then to GBP which could be an expensive and time-consuming process. Now they can directly access Coinbase Pro using GBP to buy crypto and converting crypto to GBP without a bridging fiat.
Launch Information and Procedure
According to information contained in the Coinbase blog post, the launch will take place in three stages which will take place independently for each order book. Each phase will be announced in real time on Coinbase Pro’s Twitter account. The company states that it reserves the right to keep an order book in one stage for a longer period of time or suspend trading according to its trading rules if said order book does not meet its assessment for a “healthy and orderly market”.
The first stage is identified as Post-only, where customers are permitted to post limit orders, but there will be no matching to complete the order. Order books in this stage will remain here for at least ten minutes. In the second stage, order books may be matched, but customers will be unable to submit market orders. This stage also has a 10-minute restriction attached to it.
The third and final stage is the full trading stage where customers are able to access full and unrestricted trading services including limit, stop and market orders.