Coinbase Pro users will from next week be able to trade OmiseGo (OMG) on the platform, an announcement that has caused the price of the cryptocurrency to soar by over 25% at the time of writing.
Coinbase revealed the new listing in a Thursday update saying that from May 18, it would open OMG/USD and OMG/BTC order books in transfer mode only, before unlocking trading on the asset.
While traders will initially be able to trade OMG for USD and BTC, Coinbase hinted a possible addition of further fiat trading pairs against the altcoin, namely EUR and GBP, on May 19. However, New York customers will be unable to trade OMG on Coinbase Pro because of legal restrictions.
Also, worthy of note is that OmiseGo will only be available Coinbase Pro and not on other trading platforms operated by the San Francisco-based outfit.
OMG gains 25%+
As one would expect, news of the altcoin’s listing on what is arguably one of the largest trading platforms in the world has positively affected the price of OmiseGo. Coinfomania reported a stark contrast when DASH was listed on Coinbase.
But, OMG has moved from $0.75 at the time of the announcement to around $0.93 at the time of writing.
There was also a brief stint above $0.97, suggesting that increased euphoria around the listing could potentially see the altcoin reclaim the $1.00 price for the first time since mid-February.
OMG is the native token for OmiseGo, a decentralized smart contracts network launched in 2017 to provide effective solutions for payment providers. The project notably targets banks and other financial institutions that use its network for processing transactions, or as a clearinghouse.