0x (ZRX) Listed On Coinbase Pro – ZRX/BTC, ZRX/USD, ZRX/EUR Trading Begins
Cryptocurrency exchange Coinbase has listed 0x (ZRX) to its professional trading platform, Coinbase Pro, the startup announced in a blog post on October 11, marking the first time the top exchange has added an ERC20 token to its trading platforms.
Coinbase pro serves as ZRX pilot
According to the blog post, Coinbase accepts 0x deposits, and trading is scheduled to commence once there is sufficient liquidity, estimated to be about 12 hours after the initial announcement.
Coinbase Pro General Manager David Farmer wrote:
“Once sufficient liquidity is established, trading will begin on the ZRX/USD, ZRX/EUR and ZRX/BTC order books.”
At the moment, the token is available for trading through Coinbase Pro only, and the company will issue a separate announcement when it will be available on Coinbase.com, as well as on Coinbase’s iOS and Android apps.
The exchange also wrote that ZRX trading would be accessible in most jurisdictions, except for the state of New York.
Coinbase has also explained that ZRX trading, like most other listings, will occur in four stages:
- full trading stages.
Coinbase opts for direct integration
The move to list ZRX on Coinbase comes on the back of widespread expectations that the token would be available for trading via Paradex, a platform Coinbase acquired in May.
Many industry observers had expected Coinbase to use Paradex to offer DEX crypto trading services to its customers outside of the U.S.
It appears Coinbase has instead settled on direct integration of the ZRX token, a move that comes only days after Paradex announced it would be migrating to the 0x V2 protocol.
In a Medium post published October 9, the Paradex team wrote that the 0x v2 contracts would enable them “to unlock even more pieces of the tokenized economy,” particularly in being able to “support new asset types and token standards.”
Demand could see more token listed on Coinbase
Coinbase has recently sought to provide customer access to more tokens across its various platforms; a complete shift from its earlier stance that showed no interest outside the few most popular ones.
In July, the startup announced that it was exploring five digital assets for possible listing;
- 0x (ZRX) – listed October 2018
- Cardano (ADA)
- Stellar Lumens (XLM)
- Basic Attention Token (BAT) – listed November 2018
- Zcash (ZEC)
Customers have since been anxiously waiting for these assets to appear on the platform, continuously asking Coinbase to increase the number of assets available to trade.
The listing of ZRX is, therefore, a direct response to increased user demand, with Coinbase stating in early March that it would be adding more assets in due course as “one of the most common requests [we receive] from customers is to be able to trade more assets on our platform.”
In September, Coinbase unveiled a new listing process that it hoped would help it “rapidly add most digital assets.” The shift in approach mirrors that of Binance, the largest crypto exchange.
Coinbase has maintained that assets for potential listing must meet the exchange’s stringent standards and comply with all local laws.
Market reaction – ZRX soars
At the moment, ZRX prices are on an uptrend. It is currently trading at about $0.765 against the US dollar, gaining over 15 percent following the announcement to peak at almost $0.80.