On Tuesday, May 19, OMG began trading on Coinbase Pro.
On Monday, May 18, we began accepting inbound transfers of OMG to Coinbase Pro. Trading began at 9AM Pacific Time (PT) the next day.
Once sufficient supply of OMG was established on the platform, trading on our OMG-USD and OMG-BTC order books began, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met. Additional books including OMG-EUR and OMG-GBP may also be supported as soon as 7am PT on Wednesday, May 20. OMG will be immediately available in all Coinbase’s supported jurisdictions, with the exception of New York State.
OmiseGo (OMG) is an Ethereum token that powers the OmiseGo smart contract platform, which allows for businesses and individuals more financial freedom through financial services and investments. The platform’s goal is to facilitate moving funds between payment systems (such as ACH, Visa, or PayPal) and decentralized blockchains like Ethereum. This allows for better banking and financial services for everyone, including people in developing countries who don’t have access to traditional banking services.
Please note that OMG 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 OMG 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 Trading Rules.
We will publish tweets from our Coinbase Pro Twitter account as each order book moves through the following phases:
- Transfer-only. Starting on Monday, May 18, customers will be able to transfer OMG 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 at least 12 hours. We will communicate the exact timing for this phase via Twitter 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 listing process, we anticipate supporting more assets that meet our standards over time.
A note on the 2017 OMG Airdrop
In 2017, the OMG team conducted an airdrop. If you held an ETH balance greater than 0.1 on Coinbase Consumer or Pro (then Coinbase or GDAX) on July 7, 2017 at 4:36 PM UTC in 2017, you’ll receive OMG from Coinbase. The amount of OMG you’ll receive depends on how much ETH you had in your account at the time stated above. Coinbase plans to distribute airdropped funds in the near future, following the launch of our OMG order books.
For additional information and to learn how to access your OMG, see our FAQ here.