Crypto exchange Coinbase has announced that it will be listing Dash (DASH) on Coinbase Pro, its trading platform for institutional and professional traders.
According to the company’s official blog post, Coinbase Pro will begin to accept inbound Dash transfers on Monday, September 16.
Users will have a minimum of 12 hours to deposit Dash into their Coinbase Pro accounts before full trading becomes available.
If liquidity conditions are met, trading could begin as early as 00:00 UTC on September 17 in all of Coinbase’s supported jurisdictions.
However, customers in New York State and the U.K. will not be able to trade Dash due to regulatory setbacks.
On Monday September 16, our DASH/USD, and DASH/BTC order books will enter transfer-only mode, accepting inbound transfers of DASH in supported regions. Orders cannot be placed or filled. Order books will be in transfer-only mode for a minimum of 12 hours. https://t.co/GsOi6nMMjf
— Coinbase Pro (@CoinbasePro) September 12, 2019
Dash trading pairs
The first two trading pairs available will be DASH/USD and DASH/BTC. There is currently no information on whether any other trading pairs will be available for the listing, but Coinbase’s blog post stated that more assets could be added over time.
Following its standard procedure of listing a new coin or service, Coinbase said that trading on the DASH/USD and DASH/BTC order books will consist of four phases, which will be announced on the Coinbase Pro Twitter account.
The first, transfer-only phase will begin on Sep. 16 and enable customers to transfer Dash into their Coinbase Pro accounts.
In the second stage, customers will be able to post limit orders but there will be no completed orders.
The post-only phase will proceed to the third, limit-only phase, where limit orders will start matching. However, customers won’t be able to submit any market orders.
The fourth and final phase will open full trading services, including limit, market, and stop orders.
Widespread use of Dash will make it attractive to pro traders
Adding Dash to its professional trading platform will help Coinbase bring the popular coin closer to institutional traders.
The cryptocurrency, created in 2014 by blockchain entrepreneur Evan Duffield, is already one of the most widely used digital assets.
Despite its $843 million market cap, Dash has a daily trading volume of over $269 million, surpassing the much larger Stellar (XLM), Binance Coin (BNB), Bitcoin SV (BSV), Monero (XMR), and Cardano (ADA).
Dash is currently the #16 cryptocurrency on CoinMarketCap and is accepted as a valid means of payment at over 4,000 retailers across the world – and its use growing by the day.
It has become especially popular in Latin America, in countries such as Venezuela and Argentina.
Earlier in July, the company said that there were approximately 10,000 Dash wallets in Latin American countries alone, making it one of the most fertile markets for crypto usage.