An Ethereum token known as Kyber Network Crystal or KNC in short is set to appear in the list of currency pairs that can be traded in Coinbase Pro on the 24th of this month of February 2020.
What is Kyber Network Crystal (KNC)
KNC is a token of Ethereum which is used to reward all decentralized applications (DApps) and business who perform their transactions using the Kyber Network. But as from the 24th of February, Coinbase has declared there intention to have Kyber Network Crystal made available to everyone who wishes to have it via the Coinbase Pro trading platform.
Trading Currency Pairs
As of now, there will only be two currency pairs for trading KNC. These currency pairs are:
- KNC/USD
- KNC/BTC
KNC Trading Stages
Before you can fully trade Kyber Network Crystal on Coinbase without restriction, the token (that is KNC) will have to undergo these 4 stages:
Stage 1: Transfer-Only
Starting on Monday, February 24, coinbase pro customers will only be able to transfer their earned KNC into their Coinbase Pro account.
This stage will last for approximately 24 hours. What this means is that for the whole of Monday, coinbase pro customers who have kyber network crystal deposited to their account will not yet be able to place orders and no orders will be filled on these order books.
Stage 2: Post-Only
In this second stage, coinbase pro customers who wishes to start trading kyber network crystal will only be able to declare their intentions by posting limit orders. That is, they will be able to post a buy order or sell order but their orders will be not matches (completed orders), and this stage is schedule to last for a minimum of 1 minute.
Stage 3: Limited-Only
This stage will see to it that the orders posted by customers in stage 2 start getting matched. But in this stage, coinbase pro customers will not be able to submit market orders. This stage is expected to last minimum of 10 minutes.
Stage 4: Full Trading
After the 10 minutes or more of stage 3 elapse, full trading of KNC will commence, so that customers will be able to make limit, market, and stop orders.
Why All These Stages
Coinbase put in place the 4 stages outlined above because they want the new kyber network crystal order book to meet their Trading Rules. If at any stage, the new order book of KNC does not meet the coinbase trading rules, then the order book will be kept at that stage for a longer period of time or trading will be suspended altogether.
Get Started
To start trading kyber network crystal (KNC) or any other cryptocurrencies, click any of the buttons below: