The ever popular U.S.-based cryptocurrency exchange Coinbase has officially announced the listing of Basic Attention Token (BAT). The news was published via blog post on November 2, and also announced to the greater public on Twitter.
BAT is launching on Coinbase Pro! Starting at 1pm PT today, customers can transfer BAT into their Coinbase Pro account. Traders can deposit BAT, but cannot place or fill orders. Order books will remain in transfer-only mode for at least 12 hours. https://t.co/31wbi09uyx pic.twitter.com/2YC7xtOjuI
— Coinbase Pro (@CoinbasePro) November 2, 2018
BAT Listing Not A Surprise
To many cryptocurrency enthusiasts, the listing of BAT on Coinbase Pro comes as no surprise.
In July, Coinbase announced that it was exploring the addition of 5 coins, with BAT being one of them. There has been much speculation that BAT would soon be listed, especially since Coinbase trading for 0x (ZRX) in October, a coin which was also mentioned in its July exploration announcement.
While Coinbase now supports the trading of BAT, currently it can only be traded on the Coinbase Pro platform and is not yet available at Coinbase or on their mobile applications for iOS and Android.
According to the blog post by Coinbase, the BAT token was launched in 4 stages.
The first stage was a transfer-only stage. On November 2, traders had 12 hours to transfer their BAT tokens to their Coinbase Pro account before trading commenced.
The second stage allowed for the trading of BAT but only through limit orders which were in post-only mode for a minimum of one minute. This was done to increase the market health during launch.
The third stage allowed the limit orders placed to be executed but customers could not yet place market orders. This stage lasted for around 10 minutes until the fourth stage was commenced.
The final stage saw the commencement of full trading on the Coinbase Pro platform, including limit, market, and stop orders.
As of November 6, all BAT trading functions on Coinbase Pro are fully live.
BAT trading on Coinbase Pro is now fully live. The BAT/USDC order book are now in full-trading mode. Limit, market and stop orders are all now available.
— Coinbase Pro (@CoinbasePro) November 5, 2018
In light of Coinbase’s announcement, the price of BAT saw a price rise of more than 20% within the same day, from $0.257 up to $0.315.
Now, just days after the addition of BAT on Coinbase, the price continues to hold its current high and is sitting at $0.327 at the time of writing.
In addition to the price gains, the market cap of BAT reached a recent high of $327 million, which is up nearly 70 million from before the listing of BAT on Coinbase.
BAT Aims To Fix The Flawed Digital Advertising System
Basic Attention Token (BAT) is an ERC-20 token built on the Ethereum blockchain. The purpose of the project is to address the broken digital advertising system in which users of the internet must sacrifice their data and privacy for free use of the internet.
BAT hopes to create a decentralized and transparent digital ad exchange based on the Ethereum blockchain. If the project is successful, BAT will be used to transfer value between content publishers, digital advertisers, and general internet users.
Essentially, users will be awarded with Basic Attention Tokens for giving their attention to advertisements. Users can then use their awarded BAT to pay their favorite content providers for paid content or simply to show their gratuity.
Currently, BAT is integrated into the privacy-focused Brave browser, where its use case is being put to the test in the real world.
Brave browser is one of the 36 working products in the top 100 cryptocurrencies, and the project has continued its steady progress. In September, Brave announced that it has over 4 million monthly active users. They also announced a new partnership and the start of their ad trial program.
For an in-depth explanation of BAT and everything the token hopes to achieve, check out our guide to Basic Attention Token (BAT).