After much speculation, crypto exchange Coinbase Pro listed the Basic Attention Token (BAT) on November 2. BAT is a utility token backed by the Brave browser and marketplace.
Right now, BAT is the sixth token in the world based on market cap based on data from coinmarketcap.com. The token was launched in June 2017 and its highly successful ICO managed to raise $35 million in just 30 seconds.
Coinbase has approximately 10 million users on its platforms but the company has largely conservative guidelines which is why they listed the BAT token after months of speculation. The company was recently valued at $8 billion and has been nicknamed as the “Google of Cryptocurrencies”.
Right now, Coinbase Pro users can deposit BAT on the platform for an undefined period until “sufficient liquidity” is achieved for the token. Once that happens, the BAT/USD trading pair will become available.
According to Coinbase’s official announcement, the BAT token will be launched through a four-step process: transfer-only, post-only, limit-only, and full trading.
It seems like New York citizens will not be able to purchase BAT because of the region’s strict regulatory climate surrounding financial startups despite the fact BAT is a decentralized currency.
Compared to the low of 24 cents on Nov. 1, BAT trading is up approximately 30% at 31 cents at the time of this writing. The price jump has been largely caused by Coinbase’s listing announcement for the token, which is popularly called the “Coinbase Effect”.
In the long run, Brave browser’s popularity (BAT’s platform) will be more relevant for assisting the token value appreciation as the browser is downloaded by an increasing number of users. At the time of this writing, Brave has surpassed the 10 million downloads mark on Google Play Store.