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Coinbase Pro all set to launch UMA

Photo of: Dennis Ramos
by Dennis Ramos

Users and traders are always looking at newer and diverse assets to trade and exchange. At present Coinbase Pro boasts of listing several assets for more than its 35 million users, but it still looks at supporting more assets that could meet its standards over time. Most recently, it has added several new assets including Numeraire (NMR), Band (BAND), Compound (COMP), Maker (MKR), and OmiseGo (OMG). Not to forget mentioning that it also supports European and UK order books. Coinbase still continues to explore support for new digital assets that have the potential to cause disruption in trading circles. 

Continuing the tradition of launching and listing more assets, Coinbase Pro will start accepting inward transfers of UMA to Coinbase Pro. The trading will begin on or after 9 AM Pacific Time (PT) Tuesday, September 8, if the necessary liquidity conditions are fulfilled. 

UMA is an Ethereum token that has proclaimed itself to be an open-source protocol that gives developers the leeway to build and construct their own synthetic assets and contracts financial in nature. Universal Market Access (UMA) as the name suggests has been built in order to provide the necessary access to the whole wide world to create assets and financial contracts.

Once the sufficient supply of UMA is reached on the platform, trading will begin on Coinbase Pro’s UMA-USD, UMA-BTC, UMA-EUR, and UMA-GBP will be launched. The order book launch will take place in 4 planned phases called transfer-only, post-only, limit-only, and finally full trading. Coinbase Pro’s trading rules have been stringent with healthy audits taking place at every stage of the launch. It is very clear that if any stage of the order books does not return back healthy assessment checks of perfect books and well-ordered shipshape markets, it will keep the order book in that single state for longer duration till it gets back more systematic and order-like or based on its trading rules, it will altogether suspend trading. Coinbase Pro will use its official Twitter account to inform users about the movement of the order book to different phases. The support for UMA will be obtainable on all the Coinbase’s supported states and judiciaries omitting the state of New York.

Coinbase in early August said that it has been reviewing about 20 cryptocurrencies for possible listing. Some of the new assets it was considered back then were Ampleforth, Band Protocol, Balancer, Blockstack, Curve, Fetch.ai, Flexacoin, Helium, Hedera Hashgraph, Kava, Reserve Rights, tBTC, The Graph, Theta, Uma, and Wrapped Bitcoin (WBTC). Coinbase’s review process includes substantial complaisance reviews that may be subject to regulatory approval in some selected jurisdictions clearly indicating that there is an assurance that the aforementioned list of crypto assets under review will get the automatic listing. Coinbase is a statement said,

“[Our] goal is to offer support for all assets that meet our technical standards and which comply with applicable laws. As per our listing process, we will add new assets on a jurisdiction-by-jurisdiction basis, subject to applicable review and authorizations. The omission of assets from this publication does not disqualify any such asset from active review and potential listing,”