Major cryptocurrency exchange Coinbase has announced that it is now supporting Tezos (XTZ) trading on its site, as well as on Android and iOS versions of the Coinbase app.
San Franciscan cryptocurrency exchange Coinbase announced they finally added Tezos (XTZ) to their retail platform and mobile apps. This move is considered to be a great supplier of the market access to the cryptocurrency for millions of retail investors. At the time of writing, the price went up for 3.06% to $1.46.
Tezos (XTZ) is now live at https://t.co/bCG11KveHS and in the Coinbase iOS and Android apps. Coinbase customers can log in now to buy, sell, convert, send, receive, or store XTZ.
— Coinbase 🛡️ (@coinbase) August 8, 2019
Tezos is a delegated proof of stake blockchain that controls itself by initiating a true digital commonwealth. It facilitates official verification, a technique that mathematically proves the exactness of the code ruling transactions, and improves the security of the most sensitive or financially weighted smart contracts.
A few minutes after they announced the news, Coinbase’s Head of Listings, Zach Segal, went on to Twitter in order to give a basic overview of Tezos via a series of tweets.
One of the most interesting features of Tezos is “self-amendment”:
2/ @Tezos can upgrade itself to improve over time. XTZ holders vote on proposals to modify the platform. Think Tezos would be better with a new feature? Create a proposal, vote on it, and if approved, Tezos self-upgrades. This is called “self-amendment”https://t.co/HcLAyeGwBr
— Zach Segal 🛡 (@zosegal) August 8, 2019
Expansion of Offerings
One week ago, Coinbase added Tezos to Coinbase Pro, which has led to its rise for more than 16 percent within just 24 hours.
This arising is organized in four stages, beginning, as usual for Coinbase, with a “transfer-only mode” during the first 12 hours in which Coinbase Pro clients do not have a possibility to place and fill orders. According to the company’s rules, full trading can start only once all early stages are over.
This announcement came after recent add-ons Coinbase had made to its trading platform, both for the exchange’s pro and retail customers. Additions include Chainlink, EOS, the stablecoin DAI, Dogecoin, and XRP. For now, it’s almost sure that Tezos support will be added for all Coinbase customers (except New York, as usual) pretty soon.
Also, earlier this week, the company announced they will probably list eight more digital assets on its exchange, including Cosmos (ATOM), Dash, Decred (DCR), Matic, and Harmony (ONE).
Let’s not forget that Coinbase started to add new tokens pretty after being considered the “conservative” crypto exchange, likely to stick to more restrictive U.S. regulations.
This change of their strategy is just a way of responding to the company’s weakening market position. In terms of percentage of total volume, U.S. exchanges including Coinbase are losing market share to the now dominant Binance.
The addition of Tezos, has been planned for quite some time. Coinbase first mentioned this possibility already last December.
Background
These seem to be good news if we know that the launch of Tezos platform had its problems. Their ICO happened in July 2017, raising $232 million what then was considered to be one of the largest ICOs of all time.
However, after that happened, the great argument broke out between Tezos founder Johann Gevers and partners Arthur and Kathleen Breitman – the owners of Tezos’ intellectual property rights.
As a result, the launch of the Tezos platform was delayed and that outraged token holders who went on for legal remedies for reimbursement of their funds, with limited success. The network was launched Sep.17, 2018.
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