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Coinbase adds LINK to its professional trading service

The largest US digital currency exchange, Coinbase, is adding support for another cryptocurrency on its platform for professional traders.

The San Francisco-based company announced yesterday in a blog post that after 10:00 PT (18:00 BST) it would begin accepting inbound transfers of Chainlink (LINK) on Coinbase Pro. This is the first stage of Coinbase’s four-phase process of adding new crypto assets. It lasts at least 12 hours and is followed by ‘post-only’ stage, where customers can post limit orders but there will be no matches; limit-only, where limit orders will start matching but customers are unable to submit market orders and full trading.

Coinbase will have two crypto-to-crypto LINK – LINK/BTC and LINK/ETH. According to Coinbase, support for LINK will be immediately available in all Coinbase’s supported jurisdictions, with the exception of New York State. The company may add more jurisdiction in the future.

LINK is an Ethereum-based token that powers the Chainlink decentralised oracle network. The network allows smart contracts on Ethereum to securely connect to external data sources, APIs, and payment systems.

The news has provided a welcome boost for LINK, making it one of the best performers in a market experiencing a sharp downward correction. At the time of writing, LINK was the only coin in the crypto top 30 that had seen gains over the most recent 24-hour period.

Following the news yesterday, LINK rose to as high as $2.42, before closing the session at $2.26. The coin managed to resist the overall downtrend during today’s morning session, when its price rose to an all-time high of $2.50. The coin has since pulled back to lower levels, according to data from digital currency tracker Coinmarketcap.

In today’s trading, the LINK price stood at $2.33, as of 15:39 BST. The has gained 10.3% in the past 24 hours. Its total market cap currently stands at $814 million.

Featured image: Useacoin / Shutterstock.com

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