On May 14, Coinbase announced that it would add a new token, OmiseGO (OMG), to its professional trading platform, which usually precedes the addition of a token to its basic platform. Deposits will start on Monday, May 18, with full trading beginning on the subsequent day if all liquidity requirements are met.
As was the case previously with newly added tokens, support for the OMG asset will be available in all Coinbase jurisdictions except the state of New York.
The Thailand-based OmiseGO project is a popular ERC-20 token that is attempting to unfreeze funds in mobile wallets and create a more liquid economy in Southeast Asia, where mobile payments are popular. Coinbase describes the asset as follows,
The platform’s goal is to facilitate moving funds between payment systems (such as ACH, Visa, or PayPal) and decentralized blockchains like Ethereum. This allows for better banking and financial services for everyone, including people in developing countries who don’t have access to traditional banking services.
OmiseGO was well known in the community for the support it has received from Ethereum co-founder Vitalik Buterin, who acts as the project’s advisor.
Coinbase’s token listings follows a phased launch. After the transfer only phase, which allows deposits, users can start posting limit orders. This is followed by the matching of limit orders before full trading, including market orders, are allowed.
Coinbase also published a report on the same day, one that looked into the dominance of Bitcoin (BTC) and potential of the decentralized exchange (DEX) space. The exchange noted that there were a lot of positives about the development in DEX technology, but that some difficult - but solvable - challenges lay ahead for DEXs. It has offered a tentative time frame of a few years before DEXs will become the go-to source of trading.