Coinbase Pro will soon allow users to trade Algo, the native currency of the Algorand blockchain, on its platform, once it gathers sufficient liquidity of the tokens, per a company media post.
The cryptocurrency exchange announced on Friday that its platform for professional traders will start to accept inbound transfers of Algo on August 14, to ensure that there is enough supply of Algo before the actual trading.
According to the blog post, the actual trading on the ALGO/USD order book will start in phases. Following the transfer of Algo, the exchange will start to accept orders from its customers, although these orders will not be matched. Then a limited amount of orders will be matched, however, customers will not be able to submit orders during this stage.
Finally, full trading will only commence when “metrics for a healthy market is met,” states the company in the blog post.
Earlier this week, Coinbase announced that it is reviewing eight new tokens to be listed on its regular exchange, with Algo included.
Algorand, the project that issues Algo, just concluded a $60 million token sales in June. The project, founded by Turing award winner and MIT professor Silvio Micali, receives much attention due to its high profile leadership team and acclaimed white paper. However, despite much fanfare, Algo’s performance on Binance was disappointing in July, with its price tanked 61.8%.