KNC Now live on Coinbase Pro

KNC Now live on Coinbase Pro

It has been announced by Coinbase that the Kyber Network (KNC) will go live on the platform as of this week.

During the last quarter of 2019, news from the Coinbase camp came at an uncharacteristically slow pace. There were very few updates to the platform and hardly any new listings for traders to embrace and diversify their portfolio. However, in the first couple of months of this year, that seems to have changed with the platform back in old form with the launch of various new options for traders. Most notably, the world’s largest crypto custodian launched margin trading in the last couple of weeks. Alongside this also came the news of the listing of Atom in January and now they are set to add another new project to their platform.

This platform comes in the form of the Kyber Network whose native token, KNC, which is due to become available on Coinbase Pro as of tomorrow. The purpose of this token is to pay the fees on the Kyber Network which is as a protocol that allows users to swap digital assets and cryptocurrencies in a simple and efficient way.  With Coinbase explaining that 2the Kyber protocol aggregates liquidity from a wide range of reserves, powering instant and secure token exchange in any decentralized application.”

Those who are interested in investing in the token, and by doing so further integrate themselves into the Kyber network, need only wait until tomorrow to be able to do so when the token will go live on Coinbase Pro. The platform will begin the process by accepting inbound transfers of the token on Monday 23rd February with full trading beginning 12 hours later about around 9 am permitting that all liquidity conditions are met.

The way this works is once enough KNC have been established on the platform then users will be able to make use of KNC/USD, and KNC/BTC pairs. This is permitting the platform’s metrics for a healthy market are met. If so, then the option to trade will be made available across all the jurisdictions that Coinbase operates in – with the exception of New York State and the United Kingdom. The way the listing will take place is that it will take place over four stages, which is the norm for the platform. These are:

  1. Transfer-only. 
  2. Post-only
  3. Limit-only. 
  4. Full trading. 

If you have been involved in other new listed tokens at Coinbase then you will be familiar with how this works already. Essentially, what this entails is that by mid-week the token will be formally listed and available to be traded as you see fit. However, the token will not be made available on the standard Coinbase platform with the option to trade the token only available on their Pro service.

As such, if you want to be eligible for KNC trading that you will need to ensure you are part of that platform. Alternatively, you will have to wait longer until it reaches the standard platform but when exactly this will happen is ambiguous.  

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