Maker (MKR) Skyrockets 50% In 24HR Following Coinbase Pro’s Listing Announcement

Coinbase Pro, the professional trading platform of leading American cryptocurrency exchange and wallet provider Coinbase, is adding support for Maker DAO’s token (MKR) again after a failed listing attempt in April 2019.

MKR Trading Starts Tuesday, June 9

According to a Friday announcement, Coinbase Pro will start accepting MKR deposits from users on Monday, June 8. Full trading is scheduled to begin at 9 AM Pacific Time (PT) on Tuesday, June 9, once sufficient liquidity is established on the platform. 

The exchange notes it would open trading pairs in MKR-USD and MKR-BTC in phases, starting with post-only mode before proceeding to full trading if its metrics for a healthy market are met.

In April 2019, Coinbase Pro added support for the cryptocurrency for traders in some jurisdictions. However, full trading was not enabled due to liquidity problems as the books failed to meet the exchange’s metrics for a healthy market.

AS usual, support for MKR on Coinbase Pro for the second time will go through four stages, which, according to the platform, include “transfer-only,” “post-only,” “limit-only,” and “full trading.”  

The first two stages will allow traders to deposit MKR to their Coinbase Pro accounts and then post limit orders. On the other hand, the last two phases will enable users to match limit orders and begin MKR full trading on the platform.  

NY Traders Are Exempted

MKR trading on Coinbase Pro will be available to traders in all of Coinbase’s supported jurisdictions. However, residents of New York are exempted from the new listing. The exchange did not state if this would change at a later time. 

New York state has been described as a tough model for crypto regulations because of its strict policies for crypto-related businesses, especially trading platforms. Over the years, the New York Department of Financial Services (NYDFS) has proved that it is always on the lookout for those who might violate regulatory procedures.

MKR/USD over the past 30 days. Source: TradingView

Maker (MKR) Surges 50%

Coinbase Pro is the second-largest crypto exchange in the world, according to Coinmarketcap’s list of 342 exchanges. The professional trading platform is ranking below Binance with a 24 hours trading volume of $23 million, according to data by CoinGecko

Maker (MKR) is the world’s 26th largest cryptocurrency by market capitalization as per CMC ranking. The Addition of the MKR to Coinbase Pro after a first failed attempt is a milestone for the project, and the value of the coin surged significantly following the announcement.  

At the time of writing, MKR is trading at $525, which represents an almost 50% increase in the daily chart. The coin’s market cap has now increased to $465 million.  

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