Cryptocurrency exchanges have been actively adding new projects given the bullish sentiment gripping the market, especially with decentralized finance. Coinbase Pro announced support for new order books for Chainlink [LINK], Uniswap [UNI], Yearn.Finance [YFI], Zcash [ZEC], and Algorand [ALGO].
According to the announcement, the new pairs that will be added to the exchange will be LINK-BTC, LRC-BTC, UNI-BTC, YFI-BTC, ZEC-USD, and ALGO-BTC. Trading for these pairs will be launched on 8 December in phases, post-only, limit-only, and full trading. It added:
“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book(s) in one state for a longer period of time or suspend trading as per our Trading Rules.”
This decision comes following the update that Coinbase will stop offering margin trading services to its customers. This was put in force on 25 November. This feature will be completely removed from the platform in December with the expiration of all trading positions. Many from the DeFi world had hinted this could trigger more interest in DeFi, like Kyle Joseph Kistner of the bZx platform.
Kistner noted that the CFTC’s stance of “not your keys, not your crypto” to impact the centralized exchanges. He added:
“The CFTC is saying that only DeFi will be allowed to provide margin trading services.”
Coinbase Pro’s support to prominent DeFi projects like UNI and YFI could be an attempt to hold users’ interest.
