On Wednesday, August 14, transfer ALGO into your Coinbase Pro account ahead of trading. Support for ALGO will be available in Coinbase’s supported jurisdictions, with the exception of New York State. Additional regions may be added at a later date. Per previous launches, transfers will open during business hours, Pacific time.
During business hours, PT, on Wednesday, August 14, 2019, we will begin accepting inbound transfers of ALGO to Coinbase Pro. We will accept deposits for at least 12 hours prior to enabling full trading.
Once sufficient supply of ALGO is established on the platform, trading on the ALGO/USD order book will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met. Support for ALGO will be immediately available in Coinbase’s supported jurisdictions, with the exception of New York State. Additional jurisdictions may be added at a later date.
Founded by cryptographer and Turing award winner Silvio Micali, Algorand aims to solve some of the technical barriers of existing blockchain infrastructure. In particular, the project seeks to improve decentralization, scalability and security. Launched in June 2019, Algorand provides a foundation for existing businesses and new projects to operate globally in the emerging decentralized economy. Algorand’s permissionless, pure proof-of-stake protocol supports the scale, open participation, and transaction finality required to build scalable blockchain projects.
Please note that ALGO 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.
There will be four stages to the launch as outlined below. We will follow each of these stages independently for each new order book. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.
We will send tweets from our Coinbase Pro Twitter account as each order book moves through the following phases:
- Transfer-only. Starting on Wednesday, August 14, customers will be able to transfer ALGO into their Coinbase Pro account. Customers will not yet be able to place orders and no orders will be filled on these order books. Order books will be in transfer-only mode for approximately 12 hours. We will communicate the exact timing for this phase via Twitter closer to the date.
- Post-only. In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one minute.
- Limit-only. In the third stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of ten minutes.
- Full trading. In the final stage, full trading services will be available, including limit, market, and stop orders.
One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time.