Coinbase Pro adds support for Algorand (ALGO) on its crypto platform

Coinbase Pro on 10th August 2019, announces that it will provide support for Algorand (ALGO). The announcement was done via the official twitter handle of Coinbase Pro. The tweet reads,

“On Wednesday, August 14 our ALGO/USD order book will enter transfer-only mode, accepting inbound transfers of ALGO in supported regions. Orders cannot be placed or filled. Order books will be in transfer-only mode for a minimum of 12 hours.”

The support for Algorand will be available in Coinbase’s supported jurisdictions, except New York State. On Wednesday, August 14, 2019, Coinbase Pro starts accepting inbound transfers of ALGO and will continue depositing for at least 12 hours before enabling full trading on its platform.

According to the official blog post, “Once sufficient supply of ALGO is established on the platform, trading on the ALGO/USD order book will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met.”

There will be four stages of the Algorand (ALGO) launch on Coinbase Pro. The stages are as follows:-

1. Transfer-only
2. Post-only
3. Limit-only
4. Full Trading

Algorand was launched in June 2019, it provides a foundation for existing businesses and new projects to operate globally in the emerging decentralized economy. However, ALGO is still not yet available on Coinbase.com