Monitors display Coinbase signage during the company’s initial public offering (IPO) at the Nasdaq MarketSite in New York, on Wednesday, April 14, 2021.Michael Nagle | Bloomberg | Getty Images
Coinbase is finally getting into dogecoin.
Starting Tuesday, the crypto exchange is offering its Pro users the option to trade dogecoin, a cryptocurrency that was started as a joke and has taken off this year, helped by the frequent tweeting of Tesla CEO Elon Musk.
Dogecoin is currently trading at 32 cents, up almost 6,000% for the year. However, it’s dropped by more than 50% since reaching a high in May.
Coinbase is one of the largest crypto exchanges on the planet, and its Pro service is designed for professional traders. Dogecoin is also available for purchase on Robinhood’s app and through Gemini.
Coinbase said in a blog post that it will “immediately” begin accepting inbound transfers to Coinbase Pro. If there is enough liquidity, trading of dogecoin will begin on or after 9 a.m. Pacific Time on Thursday, in supported locations. However, trading will be staggered.
The company says it plans to launch in three phases: post-only, limit-only and full trading.
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