Coinbase Pro adds support for Chainlink Token

United States-based cryptocurrency exchange Coinbase Pro has announced the listing of Chainlink (LINK) token on its platform, according to a blog post published on June 26. 

Chainlink (LINK) is an ERC-20-based token that facilitates the chainlink decentralized oracle network. The network purportedly enables smart contracts on the ethereum blockchain to securely append with other external data sources, APIs, and payment systems. 

As per the announcement, the LINK token will be available to trade with the U.S dollar(LINK/USD) and with ethereum (ETH) (LINK/ETH). Coinbase added that immediate support would be provided to LINK in all its supported jurisdictions, except for the state of New York due to regulatory concerns. 

Coinbase asserted that updates would be shared from their Twitter account. At the press time, Coinbase Pro tweeted about the beginning of transfer-only mode. 

 

The press release stated that once a sufficient supply of token is established on the platform, the exchange will roll out trading for LINK in four phases. The four stages are transfer-only, post-only, limit-only, and full-trading. Per the announcement, users can transfer LINK to their Coinbase Pro account, post limit orders, and lastly, wait to receive order matches.   

Chainlink (LINK) is an ERC-20-based token that facilitates the chainlink decentralized oracle network. The network enables smart contracts on the ethereum blockchain to securely append with other external data sources, APIs, and payment systems.

Coinbase also notified customers about token’s availability on its website and mobile application –

“Please note that LINK is not yet available on Coinbase.com or via our consumer mobile apps. We will make a separate announcement if and when this functionality is added.”

In March 2019, Coinbase Pro raised its fees and announced a new market structure designed to increase liquidity, assist in price discovery for trades, and enable price movements more seamless. 

In the same month, the cryptocurrency exchange announced accepting inbound transfers of Stellar Lumens (XLM). Coinbase Pro headlined that XLM would be available in all of its supported jurisdictions; however, with an exception to the New York state. 

Late last year, South Korea-based cryptocurrency exchange Bithumb announced the listing of Chainlink (LINK) tokens on its platform. Besides, announcing the support for LINK, the exchange also added support for Waves token.