On Wednesday (April 17), Coinbase announced that it had added support for Augur (REP) at Coinbase.com and in Coinbase's mobile app (which is available both iOS and Android).
What is Augur?
According to its website, Augur is:
- "a decentralized oracle and peer to peer protocol for prediction markets"
- "a protocol, freely available for anyone to use however they please"
- "accessible through a desktop client app, similar to interacting with an Ethereum or Bitcoin node"
- "a set of smart contracts written in Solidity that can be deployed to the Ethereum blockchain"
- "free, public, open source software, portions of which are licensed under the General Public License (GPL) and portions of which are licensed under the Massachusetts Institute of Technology (MIT) license"
It is important to note that Augur is NOT a prediction market; it is "a protocol for cryptocurrency users to create their own prediction markets."
What is Reputation (REP)?
Here are a few facts about REP:
- "The Reputation (REP) is a cryptocurrency, used by reporters during market dispute phases of Augur."
- "REP holders must perform work, in the form of staking their REP on correct outcomes, to receive a portion of the markets settlement fees."
- "If you do not report correctly, you do not get the fees."
- "If you report incorrectly, you lose your REP."
Augur (REP) Getting Listed on Coinbase Pro
On April 8, Coinbase announced via a blog post that EOS (EOS), Augur (REP), and Maker (MKR) had been listed on Coinbase Pro, Coinbase's platform for experienced/professional investors/traders. Coinbase said at the time that REP trading was "available in all jurisdictions supported by Coinbase Pro, with the exception of New York State," and that support for other regions might become available "at a later date."
Augur (REP) Support in Coinbase Consumer
Well, just nine days after getting listed on Coinbase Pro, REP has arrived at Coinbase Consumer (Coinbase.com) and on the Coinbase mobile app (for iOS and Android), such that Coinbase users can now "buy, sell, convert, send, receive, or store REP."
Effect of This Listing on the REP Price
According to CryptoCompare, within hours of this Coinbase announcement, the REP price surged over 14% to $22.14 as can be seen in the 24-hour chart below: