This Altcoin Announced by Giant Bitcoin Exchange Rises Hard
Coinbase announced today that Coinbase Pro users will be able to make incoming transfers with OmiseGo’s OMG token next week. After the announcement, the price of the token increased by 25 percent.
The announcement stated that Coinbase Pro users, which appeal to more experienced traders, can make OMG transfers as of May 18. Once enough OMG is installed on the stock exchange, users will be able to buy and sell OMG with US dollars and Bitcoin.
On Monday, May 18, our OMG-USD and OMG-BTC order books will enter transfer-only mode, accepting inbound transfers of OMG 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/fie0n8dlQM
— Coinbase Pro (@CoinbasePro) May 14, 2020
Coinbase also stressed that Euro and Pound could be supported for OMG trading until May 19.
OMG token is the cryptocurrency of OmiseGO , a decentralized network that offers a flexible and effective solution for payment providers . Built as a dapp on the Ethereum platform, OmiseGo aims to use the decentralized networks of banks and other established financial services as transactions and a clearinghouse.
Coinbase said there will be four stages at the launch of OMG. First, on May 18, customers will be able to transfer OMG to their Coinbase Pro accounts. Then, customers will be able to issue limited orders, but there will be no match. Orders will start to match later, but market orders will not work and order books will only be in restriction mode for at least 10 minutes. Full trading will be possible, including limit, market and stop orders.
Coinbase added that OMG trading will not yet be available on standard platforms. Smart contracts network OmiseGO was developed in 2017 by the Thai financial platform Omise. It plans to be an accessible and highly scalable payment network with minimal transaction costs.