0x (ZRX) To The Moon? Coinbase Adds Support For First ERC-20 Token

Top US-based crypto exchange Coinbase announced on October 11 that it has started listing 0x (ZRX) token on the Coinbase Pro platform.

This is actually the first time that Coinbase is adding support for an ERC-20 token after failing to honor similar listing requests in the past.

Regarding the new listing ZRX, Coinbase confirmed that trading of the token will be allowed only when sufficient liquidity has been achieved.  Also, it will subsequently announce when ZRX is made available on Coinbase.com and Coinbase Trading apps for iOS and Android.

Coinbase Splits ZRX Trading Introduction Into Stages

The process of launching ZRX trading on Coinbase will be divided into four independent stages for each trading pair according to the blog post.

ZRX/USD, ZRX/EUR and ZRX/BTC will be introduced simultaneously while the exchange revealed that it will currently not support the ZRX/GBP pair.

Each new pair will have a “transfer-only” stage as per the announcement. Here users can send ZRX to their Coinbase Pro accounts but will not have the option to place orders. This stage will be followed by the “post-only” stage which allows customers to post limit orders, however, with no matches.

The last two stages “limit-trading” and “full-trading” will introduce matching limit orders and then full ZRX trading services such as limit, match and stop orders.

During its initial launch stage, Coinbase says that ZRX trading will be available to most jurisdictions except for the State of New York.

The Coinbase Effect On ZRX

With Coinbase arguably one of the largest crypto exchange globally, one would generally expect that adding support for ZRX will increase the value of the token.

Well, it has not disappointed. At press time, ZRX price was $0.78, up by more than 15% at a time when other coins are seeing huge losses.

Weekly charts also reveal that the ZRX token surge took place on October 11, following the announcement by Coinbase. ZRX market capitalization has also increased to $423 million while trading volume was $68.5 million according to data from Coinmarketcap.

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