Crypto Exchange Coinbase Adds 0x Protocol’s Ethereum Tokenbr>
Crypto exchange Coinbase has added support for the 0x protocol token on Coinbase Pro.
Ox is an open protocol that is designed to offer a decentralized exchange as part of the ethereum blockchain. It addresses the needs of both developers and end users to access and exchange all types of new digital assets as they emerge. The platform’s native ERC-20 token, known as ZRX, is a decentralized form of governance for the 0x protocol’s upgrade system. ZRX holders have input in the protocol and improvements to make that is proportional to the amount owned.
In a blog post, David Farmer, General Manager of Coinbase Pro, said that it had begun accepting deposits for ZRX, and trading will begin once sufficient liquidity is established. Coinbase Pro will initially support the following trading pairs: ZRX/USD, ZRX/EUR and ZRX/BTC. And there will be four stages to the launch: transfer-only, post-only, limit-only and full trading.
“We will follow each of these stages independently for each new order book: ZRX/USD, ZRX/EUR and ZRX/BTC (note that at this time, we will not offer trading on the ZRX/GBP pair),” Farmer said. “If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time, or suspend trading as per our Trading Rules.”
ZRX trading will be accessible for users in most jurisdictions, but will not initially be available for residents of the state of New York. It is also not presently available to investors through coinbase.com, or its iOS and Android apps.
The addition of ZRX came after Coinbase announced a new policy for listing new cryptocurrencies that allows it to rapidly list all assets that meet their standards and are compliant with local law.
“One of the most common requests we receive from customers is to be able to trade more assets on our platform,” Farmer said. “With the recent announcement of our new listing process, our customers can expect us to list most assets over time that meet our standards.”