Coinbase Launches Basic Attention Token (BAT) Trading for Retail Customers

Coinbase Launches Basic Attention Token (BAT) Trading for Retail Customers

Coinbase, the biggest American crypto exchange and wallet provider, has just announced a new addition to its retail trading platform. Users of the digital asset marketplace are now able to trade, send, receive or store Basic Attention Token (BAT), according to an official blog post. BAT is the eighth virtual currency to be added to Coinbase. The token is 30th-largest cryptocurrency, boasting a market cap of $294 million.

BAT is closely associated with a privacy-oriented web browser Brave. The token is used to dramatically increase the efficiency of digital advertising, which, according to BAT developers, “is overrun by middlemen, trackers and fraud.” The Brave browser monitors user attention anonymously and rewards both publishers and users with BAT accordingly.

Coinbase has been dabbling with new coins for a while

The exchange has got the Securities and Exchange Commission (SEC) approval for the new listings in July. Back then, Coinbase said it was considering adding Cardano (ADA), Stellar (XLM), ZCash (ZEC), 0x (ZRX) and BAT. As of right now, only BAT and ZRX have been made available for the users of Coinbase, despite the exchange’s efforts to add more digital assets more quickly.

BAT has already been launched in the Coinbase Pro platform a week ago and full trading started on Monday. However, BAT will initially not be available for the residents of the state of New York. BAT has become a second ERC-20 token to be listed on Coinbase, following the addition of ZRX last month.

Coinbase has also added Circle‘s stablecoin USDC to its menu late last month. Customers can deposit USD and convert them to USDC on a 1:1 ratio with no fee and also trade on the BTC/USDC and ETH/USDC pairs. The exchange is hopeful USDC use will become widespread and reduce dependence on bitcoin and the controversial Tether (USDT) stablecoin.

BAT fails to gain significant momentum on the market

Following the initial announcement, the price of BAT has expectedly spiked upwards. The token was trading for around $0.26 on November and had risen by almost 50 percent to $0.37 by yesterday. However, today’s trading session has seen a sell-off with traders dumping BAT in an effort to maximize their profits. As a result, BAT has receded under the $0.30 mark again and is currently trading at around $0.295.

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