Bitstamp Ramps up Listings with Support of LINK, USDC and OMG
Bitstamp, one of the largest crypto platforms in Europe, has launched support for three new coins, Chainlink (LINK), USD Coin (USDC) and OMG Network (OMG).
There will be four stages to the launch, similar to how Bitstamp launches other cryptocurrency trading pairs on the platform. Bitstamp will begin with a transfer-only mode where LINK & USDC deposits and withdrawals will open on October 19, but trading will not be enabled at that time.
The same features will be available for OMG token on October 26. OmiseGO (OMG) is an Ethereum-based financial network owned by Asian payments service, Omise and has Ethereum co-founder, Vitalik Buterin as an advisor.
The second phase starts from October 20 to 27 and is called ‘Post-only mode’, during which users can only post limit orders with no matches. The books will be in this mode for a minimum of two hours; therefore, no orders will actually be completed during this stage.
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Next, Bitstamp will move to limit-only mode, during which limit orders will start matching, but customers will be unable to submit market orders. Finally, Bitstamp will enter full trading mode, during which full trading services will be available for new tokens, including limit, market and stop orders.
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Bitstamp will keep users updated on each stage through its website. The upgrades are expected to roll out smoothly starting next week, and the exchange would apply zero trading fees to the end of the year.
Bitstamp announced last month its plans of supporting a new set of digital assets. This included the adoption of Circle’s USD Coin (USDC), a stablecoin pegged to the US dollar, which has its ecosystem already integrated into more than 100 exchanges, wallets, platforms, apps, and service providers.
This set of assets, according to Bitstamp, must be compliant with jurisdictional regulations and local laws, as well as strict technical, safety, and compliance reviews. The assets in view include Basic Attention Token (BAT), Ethereum Classic (ETC), Paxos Standard (PAX), USD Coin (USDC), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).
As per its blog relating to the announcement, Bitstamp said it is taking this step in order to fulfil its mission of supporting all its customers’ desired assets which meet the platform’s standards and also comply with their respective local laws.