A well-known European crypto trading platform, Bitstamp, has announced the addition of three new digital currencies. The announcement was made last month, as Bitstamp decided to add support for new coins. Cryptocurrencies that were listed include Chainlink, OmiseGO, and USD Coin.
However, before making them available for trading, the cryptocurrencies will go through four stages, which is typical for Bitstamp when adding support for new coins. The addition of the three cryptos will further expand the platform’s list of supported cryptos.
Different phases for new coins in Bitstamp
As mentioned above, the cryptos will go through four phases before the procedure ends, after which they will be ready for trading.
Bitstamp will begin by enabling a mode that supports transfer-only, which will allow users to only deposit and withdraw Chainlink and USD Coin. This will happen on October 19th. However, trading will still not be allowed at this point. Withdrawals and deposits for OmiseGO will be available on October 26th.
After that, the second phase will start on October 20th for the first two coins and October 27th for OmiseGO. This phase is the Post-only mode, which will allow users to post limit orders. But it will not allow matches, as the books will remain in the mode for two hours.
The third phase will be a limit-only mode, where matching will finally start. But customers will not be allowed to submit market orders yet until the fourth phase begins. The final phase will be when Bitstamp enters a full trading mode.
In addition to that, Bitstamp will provide regular updates for each phase on its website. This will enable users to get first-hand information about the trading mode.
So far, the platform has experienced a good number of upgrades to enable it to launch smoothly at some point next week. The exchange will also have zero trading fees until the end of the year.