Coinbase Pro begins supporting Polygon, SKALE, and SushiSwap

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and… read more.
on Mar 11, 2021
  • These listings are part of Coinbase’s broader goal of offering clients access to more coins.
  • The three coins are paired with BTC, USD, EUR, and GBP to enable versatile trading.
  • Trading for SKL, MATIC, and SUSHI is set to commence today at 5 PM UTC.

Coinbase Pro has listed Polygon (MATIC), SKALE (SKL), and SushiSwap (SUSHI). The exchange unveiled this news through a blog post on March 9, noting that these listings are part of its broader goal to offer its clients access to more digital assets. Reportedly, Coinbase Pro started accepting inbound transfers of the three coins immediately after the announcement. However, trading is set to commence at 5 PM UTC today.

According to the blog post, the platform will launch trading for the three digital currencies once it has a sufficient supply of each coin. These coins will be paired with USD, BTC, EUR, and GBP. The trading process on the coins’ order books will reportedly take place in three stages. These are post-only, limit-only, and full trading.

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Coinbase cautioned that failure for an order book to pass its evaluation for a healthy and organized market would see it remain in one stage for a longer period. If this persists, the exchange might suspend trading altogether. To bring clients into the loop, Coinbase would post updates on the Coinbase Pro Twitter handle as the order books go through the different phases.

Coinbase listing effect fosters significant growth

In the blog post, Coinbase disclosed that it owns MATIC tokens, saying,

Coinbase Ventures owns MATIC tokens as a result of a 2019 investment in Matic. Coinbase Ventures intends to maintain its investment in Matic for the foreseeable future and maintains internal policies that address the timing of permissible disposition of its digital assets, including MATIC tokens.

Following these listings, all three coins surged significantly with SKL being the biggest gainer. Reportedly, SKL gained approximately 80% to set a new all-time high (ATH) at £0.466. However, the coin has since lost 16.23% of this value, and is currently trading at £0.387. Over the past 24 hours, SKL’s price plunged 12.18%.

MATIC was the second-largest gainer after surging 46% to set a new ATH at £0.243. Like SKL, MATIC also plummeted and lost 10.83% of its value, and is changing hands at £0.207.

Unlike SKL and MATIC, SUUSHI did not register a double-digit gain. The coin rose 8% after the announcement and traded as high as £14.16 on March 10. Nonetheless, it failed to uphold the bullish momentum and plunged 8.99% to trade at £12.32 at the time of writing.

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