Coinbase to Delist 80 non-USD Trading Pairs - What’s Going On?
Digital asset exchange Coinbase has announced a suspension on 80 non-USD trading pairs in a bid to boost liquidity on its platform.
In an Oct 17 press release, the exchange disclosed plans to delist the pairs, including assets with market leader Bitcoin (BTC), Tether (USDT), and the Euro citing efforts to improve market health and liquidity.
The company stated that the decision follows previous efforts to monitor markets, hence a suspension on the exchange, Advance Trade, and Coinbase Prime.
“As previously announced, we have suspended trading on a number of non-USD markets across Coinbase Exchange, Advanced Trade, and Coinbase Prime.”
However, users affected by the suspension on the platforms mentioned above in eligible regions can still access the trading pairs through its more liquid USD order books through the exchanges' USDC balances.
Alternatively, affected users continue trading these pairs with USD unification using their “USDC balances to trade in both USD or USDC order books.”
The company announced the USDC unification in April allowing users to utilize their USDC balance to trade on USD books.
“The new USD<>USDC experience on Coinbase Exchange is here. We’ve added settlement preferences, so Exchange users can use their USDC balance to trade on our USD books. This makes USDC an even more seamless and easy way to deposit, withdraw, and trade 24/7.”
The 80 non-USD markets make up an immaterial amount of the platform’s global trading volumes, the company revealed.
Centralized exchanges (CEX) are the most popular types of crypto exchanges because of their high liquidity and increasing markets, although criticized for their nature with similarities with financial intermediaries in traditional finance.
However, the majority
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