Bitcoin

Coinbase Pro Now Supports OmiseGo (OMG) – Product Release & Updates


Coinbase Pro Now Supports OmiseGo (OMG)

The San Francisco-based digital currency exchange, Coinbase recently announced adding support to OmiseGo (OMG) on its Pro platform. 

In a recent blog post on its official website, Coinbase announced the option of buying, selling, sending, receiving, storing, and converting OMG for users with Pro account. Except for its New York users, the exchange disclosed all other customers would be able to trade with OMG.

About OmiseGO

OmiseGo is a smart contract platform powered by the OMG token, built on the Ethereum blockchain. This platform enables financial freedom for individuals and businesses by offering various investments and services.

OmiseGo as a smart contract platform aims at facilitating the funds that move between decentralized blockchains and payment systems. Besides, it assures greater banking and financial services as a smart contract platform. This also includes people who have no access to traditional banking services, as they are in developing countries.

OMG and Coinbase alliance

About 3 years ago, OmiseGo carried out an airdrop on Coinbase allowing customers to receive rewards in OMG. The blog explained that Consumer or Pro users with ETH balance greater than 0.1 as at 4:36 PM UTC on July 7, 2017, would be eligible to receive OMG from the exchange. Moreover, the amount of ETH the customers had at the stated time, would determine the amount of OMG they would now receive.

In the blog, Coinbase also described the four stages of the OMG launch involving transfer-only, post-only, limit-only, and full trading. It, however, added that, for now, the launch would only be on the Pro platform.

The exchange also went on to emphasize the regular requests it received from customers for adding more cryptocurrencies to the platform. It noted that it looked forward to making more assets available. These assets however, have to reach their standards, as per the terms of their listing process.

A “remote-first” company in the post-COVID-19 era

Coinbase recently highlighted that the economic crisis resulting from the ongoing COVID-19 pandemic had let to more people trading and using cryptocurrency. In a blog post, the exchange went on to describe the effect of this on the crypto economy. It also announced its intention of becoming a “remote-first” company. This implies that once the lockdown restrictions were over, members of the Coinbase team would have the choice to work remotely or from home.

Previously, Coinbase introduced Coinbase Oracle to broaden its focus on decentralized finance (DeFi). It will also enable users to produce data on-chain. Earlier, we covered the Coinbase Bootstrap Fund to pump in a whopping $1.1 million in Uniswap and PoolTogether.



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