The Coinbase crypto exchange announced on October 11 to list 0x (ZRX) on its professional trading platform, Coinbase Pro. With this listing, 0x becomes the first ERC20 token based on the Ethereum blockchain, to be traded on the Coinbase platform.
Coinbase mentioned in its blog that it will be accepting deposits for ZRX on Coinbase Pro for at least 12 hours prior to enabling trading. The exchange further added that once sufficient liquidity is established, trading will begin on ZRX/EUR, ZRX/USD and ZRX/BTC order books. The blog stated that ZRX trading will be accessible to users in most jurisdictions. However, initially, it won’t be available for residents of the state of New York.
Ethereum (ETH) has been available on the Coinbase crypto exchange platform for quite some time now. The exchange also added support for Ethereum Classic (ETC) over the summer. In June, Coinbase had announced that along with Zcash (ZEC), basic attention token (BAT) and Stellar (XLM), it was exploring listing 0x in some jurisdictions.
Meanwhile, the price of the ZRX token has been surging. Soon after the announcement, the token’s trading value spiked from around $0.68 to a high of just under $0.92. Although the value has settled since that intraday peak, 0x continues to trade near $0.77. This represents a 24-hour gain of around 17 percent which is far above the 0.5 percent increase, as stated in the CCN report.
The Coinbase exchange in its blog stated that it won’t be allowing trading on the ZRX/GBP pair. It added that if at any point, one of the new order books does not meet its assessment for a healthy and orderly market, the exchange may keep the book in one state for a longer period of time or even suspend trading as per its trading rules, as stated in the Coinbase blog.
While 0x gets listed on the Coinbase crypto exchange platform, it is important to know that the 0x token is designed to power decentralized exchanges. It is an open, permission-less protocol that allows ERC20 tokens to be traded on the Ethereum blockchain. The idea behind designing this token is to facilitate companies that want to tokenize various assets and then move those digital assets in a decentralized environment, as stated in The Daily Hodl report.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]