- Coinbase to support io.net (IO) on Solana network, trading to commence with sufficient liquidity post 9AM PT, October 9, 2024.
- Users advised to transfer io.net via Solana network only; non-compliance may result in irreversible fund loss.
Coinbase has announced the upcoming addition of io.net (IO) to its trading platform, a move set to increase accessibility to the SPL Token on the Solana network. The inclusion of io.net on Coinbase and Coinbase Exchange will commence following the establishment of adequate liquidity conditions.
Scheduled to start no earlier than 9 AM PT on October 9, 2024, trading will specifically target the IO-USD trading pair.
Coinbase will add support for io․net (IO) on the Solana network (SPL Token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets 🛡️ (@CoinbaseAssets) October 8, 2024
To ensure a smooth transfer process, Coinbase has issued a caution: users should only send io.net via the Solana network to avoid the potential loss of funds. This precaution underlines the importance of adhering to network-specific protocols when handling cryptocurrencies.
Coinbase’s strategy involves a phased approach to the io.net launch. Initially, the platform will ensure a sufficient supply of io.net is available. Once this criterion is met, trading will begin, adhering to the liquidity thresholds required to maintain market stability.
However, Coinbase has noted that the support for io.net may not be uniformly available in all regions. Certain jurisdictions may see restrictions based on local regulatory frameworks, reflecting the complex compliance landscape that global crypto exchanges must navigate.
The decision to integrate io.net into Coinbase’s supported assets reflects the company’s ongoing commitment to broaden its cryptocurrency offerings, catering to diverse investor interests and expanding its market presence.
This is also indicative of the increasing recognition and integration of tokens from the Solana network, known for its high-speed and low-cost transactions, into mainstream cryptocurrency exchanges.
The Solana network (SPL token) contract address for io․net (IO) is BZLbGTNCSFfoth2GYDtwr7e4imWzpR5jqcUuGEwr646K
— Coinbase Assets 🛡️ (@CoinbaseAssets) October 8, 2024
Investors interested in trading io.net are advised to confirm the token’s availability in their region and to familiarize themselves with the specific deposit and trading processes outlined by Coinbase to ensure compliance and security in their transactions.
