Loi Luu, co-founder of Kyber Network, speaking at Fluidity 2019 in May
Loi Luu, co-founder of Kyber Network, speaking at Fluidity 2019 in May. Fluidity

Coinbase Pro released official information that it will start accepting KNC inbound transfers as of Monday, February 24. Deposits will be accepted for 12 hours at the least before full trading is enabled. If liquidity conditions are met, trading will commence at 9 AM Pacific Standard Time or soon after that.

KNC is an ethereum-based token, which facilitates the smooth operation on the reserves system in the Kyber Network. The Kyber Network’s main goal is to make exchanging digital assets and cryptocurrencies easy and efficient.

Trading on the KNC/USD and KNC/BTC order books will begin as soon as the platform has a sufficient supply of KNC. The launch will be split in four stages, with the first one being transfer-only mode, and after a healthy market metrics are met – the situation will gradually transition into full trading. All Coinbase-supported jurisdictions will work with KNC right away, with the exception of the United Kingdom and the state of New York.

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In the press release, Coinbase emphasized that KNC is still not supported and that all users should wait for an upcoming announcement.

KNC launch phases

As mentioned earlier, the launch of KNC will be split in four phases, and each phase will match individually each order book. For example, if a new order book does not comply with the healthy and orderly market evaluation, the book may be kept in a specific pre-full trading stage for a longer time or even suspend trading. Announcements on which order book goes to the next stage will be made via Coinbase Pro’s Twitter account.

The stages are namely:

Transfer-only

Once this phase commences (next Monday) users will be capable of transferring KNC to their Coinbase Pro accounts. All order books will be in transfer-only mode for around 24h and no orders will be filed. The exact timing will be communicated via Coinbase Pro’s Twitter account.

Post-only

During this phase, limit orders would be allowed but clients will not be able to complete orders. Each order book will stay in this phase for at least a minute.

Limit-only

During the third stage, limit orders will begin to match but users will not be able to submit market orders. Each order book will stay in this phase for at least ten minutes.

Full trading

Once a limit book enters the full trading phase, all trading services (market, limit and stop orders) will be open for business.

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