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This is for the first time that Coinbase is adding support to any ERC-20 token built on Ethereum. The exchange has already started accepting deposits for ZRX tokens.
In an official announcement on Thursday, October 11, Coinbase announced adding 0x protocol’s ZRX token to its professional trading platform Coinbase Pro. This is for the first time that Coinbase is adding support for an ERC-20 token running on the Ethereum network.
ZRX is launching on Coinbase Pro! The ZRX/USD, ZRX/BTC, and ZRX/EUR order books have entered transfer-only mode. Traders can deposit ZRX, but cannot yet place or fill orders. Order books will remain in transfer-only mode for at least 12 hours. https://t.co/SomOUqoXhv
— Coinbase Exchange (@CoinbaseExch) October 11, 2018
David Farmer, General Manager of Coinbase Pro said that the exchange has already started accepting deposits for the ZRX tokens. Farmer further wrote:
“Once sufficient liquidity is established, trading will begin on the ZRX/USD, ZRX/EUR and ZRX/BTC order books. ZRX trading will be accessible for users in most jurisdictions, but will not initially be available for residents of the state of New York.”
Moreover, it should be noted that this launch is exclusive to Coinbase Pro and not Coinbase.com or Coinbase iOS and Android apps. Farmer noted that company will make separate announcements in that case. The Coinbase Pro exchange is currently allowing three trading pairs ZRX/USD, ZRX/BTC, and ZRX/EUR.
Three months back in July 2018, Coinspeaker reported that Coinbase is already planning to add five new crypto tokens. One of those five was the 0x (ZRX) token. During that time Coinbase said:
“Going forward, you should expect that we will make similar announcements about exploring the addition of multiple assets. Some of these assets may become available everywhere, while others may only be supported in specific jurisdictions.”
Some Details About the 0x (ZRX) Tokens
The ZRX tokens were launched last year in August 2017 through the 0x protocol on the Ethereum mainnet. The 0x team is working on building tools and infrastructure for getting the benefits of decentralization to the global financial system. Moreover, the tools can also be easily accessed by developers and end-users. Below are the examples of two such tools as described by 0x co-founder Will Warren.
- 0x OTC is a web application that allows users to trade ERC20 tokens directly on the Ethereum blockchain using 0x protocol. We envision 0x OTC facilitating private over-the-counter trades between known counterparties. Behind the scenes, our smart contracts are running on the Kovan test network; try it out today.
0x (ZRX) is currently the 25th largest cryptocurrency by market cap. The current market cap of ZRX is $412 million. Last month, Goldman Sachs backed crypto exchange Circle also announced adding ZRK token to its platform.