Coinbase has just announced that trading of the Basic Attention Token is soon to be enabled on the Coinbase Pro platform, and deposits of the token are now being accepted. Trading in the token — which runs on Ethereum — will actually begin after a market begins to formulate.
From the announcement:
“Once sufficient liquidity is established, trading on the BAT/USDC order book will start. […] BAT trading will be accessible for users in most jurisdictions, but will not initially be available for residents of the state of New York.”
Trading is apparently not going to be allowed to residents of New York, likely due to regulatory concerns. Users will have to bring their own BAT, as purchase of the token is not currently available on the regular Coinbase.com.
The price of BAT was around 25 cents as of yesterday, but on today’s news, it has gone up by a nickel. It is not difficult to speculate that the increased exposure through the Coinbase Pro platform will continue this incline and that BAT could see new highs beyond its all-time-high of more than 60 cents per token.
The Brave browser project is the primary effort behind BAT, which is aimed at rewarding users for enabling ads. Brave browser has ads disabled by default. BAT tokens have a real-world value assigned by market traders and benefit both sides of the content world – the viewer and the content provider. Last year, Brave enabled them on YouTube videos and over the past few weeks, prior to the listing on Coinbase Pro, the token has seen a rally due to the program entering beta and increased awareness.
The Chrome-based browser itself has millions of active users and discourages tracking, malvertising, and inefficient website coding. Current market share reports on browsers do not sufficiently differentiate user agents enough to tell the difference between various forks of Chrome; thus, it is hard to estimate how many people are currently using the browser. Nevertheless, as market share of it grows, the native utility of the BAT will continue to grow, and thus so will demand for it.
We will check in with BAT as trading on Coinbase goes live to see whether the move by one of the oldest, largest, most compliant exchanges will have a positive impact. It’s important to note that BAT has long traded on Binance, which is an exchange with the most volume across several markets.