Once sufficient supply of KNC is established on the platform, trading on the KNC/USD, and KNC/BTC order books will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met. Support for KNC will be immediately available in Coinbase’s supported jurisdictions, with the exception of New York State and the United Kingdom.
KNC is an Ethereum token used for paying fees on the Kyber Network, a protocol that aims to make swapping digital assets and cryptocurrencies simple and efficient. The Kyber protocol aggregates liquidity from a wide range of reserves, powering instant and secure token exchange in any decentralized application.
Please note that KNC is not yet available on Coinbase.com or via our consumer mobile apps. We will make a separate announcement if and when this support is added.
The Stages of the KNC Launch
There will be four stages to the launch as outlined below. We will follow each of these stages independently for each new order book. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our .
Transfer-only. Starting on Monday, February 24, customers will be able to transfer KNC into their Coinbase Pro account. Customers will not yet be able to place orders and no orders will be filled on these order books. Order books will be in transfer-only mode for approximately 24 hours. We will communicate the exact timing for this phase via closer to the date.
Post-only. In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one minute.
Limit-only. In the third stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of ten minutes.
Full trading. In the final stage, full trading services will be available, including limit, market, and stop orders.
One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our , we anticipate supporting more assets that meet our standards over time.