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Sunday, January 17, 2021

Bitstamp adds support for three new cryptocurrencies

  • Major European crypto trading platform, Bitstamp, just revealed the addition of three new coins.
  • Cryptocurrencies that were just listed include Chainlink, OmiseGO, and USD Coin.
  • The coins will go through four stages before they become available for trading.

One of the leading European crypto platforms, Bitstamp, has recently listed three new digital currencies. The move was announced last month, when Bitstamp decided to add support for a new set of coins. The launch of the coins will be completed in four stages, which is Bitstamp’s typical way of adding support for new coins and enabling trading.

Three new cryptos join Bitstamp

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Bitstamp has decided to once again expand its list of supported cryptos, which is why it listed three new ones — Chainlink (LINK), OMG Network (OMG), and USD Coin (USDC). As mentioned, there will be four phases that the coins will go through before the procedure ends.

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Bitstamp will start by enabling a transfer-only mode, allowing users to only deposit and withdraw Chainlink and USD Coin. This is scheduled to happen in about a week, on October 19th. However, trading will not be possible at this point.

Withdrawals and deposits for OmiseGO will arrive on October 26th,

Then, the second phase will start on October 20th for the first two coins, and October 27th for OMG. This phase is known as Post-only Mode, and it will allow users to post limit orders, although it will not allow matches, as the books will remain in this mode for at least two hours.

The third phase will be a limit-only mode, where matching will finally begin. However, customers will not be able to submit market orders. This will only become possible once the fourth phase arrives, which is basically when Bitstamp enters a full trading mode.

As always, Bitstamp will provide regular updates regarding the phases on its website, for the users’ convenience. The platform is already experienced enough for the upgrades to start smoothly rolling out at some point next week.

One more thing to note is that the exchange will have zero trading fees until the end of the year.

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