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Coinbase Pro Delays Rollout of Tether Trading Citing API Issues
Coinbase has said it is continuing to work on the back end while it resolves the issue.
Updated Sep 14, 2021, 12:47 p.m. Published Apr 28, 2021, 4:43 a.m.
Coinbase has delayed the launch of trading on stablecoin tether until next month, citing an ongoing issue with its professional platform's application programming interface (API).
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- Coinbase announced Wednesday via a tweet it had decided to further delay the launch on Coinbase Pro until 6 p.m. PT (1:00 UTC) on May 3.
- It marks the second time in two days the company has decided to postpone USDT trading after announcing on Tuesday it intended to resume trading later that evening.
- While transfers remain available, the U.S. cryptocurrency trading platform said it was working to ensure it had resolved the issue on its core API's and exchange.
- "We are continuing to deploy services on the back end to scale and bolster the exchange and want to take this time to make the exchange more robust," said the exchange via a separate tweet.
- Coinbase decided to list USDT on April 23, much to the surprise of the crypto community, which at times has questioned whether the stablecoin is fully backed by U.S. dollars.
- Earlier in the month, Coinbase went public on the Nasdaq exchange through a direct listing under the ticker $COIN.
See also: A Bridge Called Tether
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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