Coinbase supports first ever ERC20 token listed on its professional platform

coinbase

Coinbase has announced that it is listing an ERC20 token on its platform.

Announced in a 0x token on its professional trading platform, Coinbase Pro. Trading will only become available once enough liquidity has been established. Once that happens, trading will initiate on 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.

It is important to note that this is the first time that the company is listing an ERC20 token – a coin developed and used exclusively on Ethereum’s blockchain – and this could mark a significant change for token listing on cryptocurrency exchanges

The token will be launched in four stages as Coinbase detailed:

  1. Transfer-only: [Customers are] able to transfer ZRX into their Coinbase Pro account. Customers [are] not yet be able to place orders, and no orders will be filled on these order books. Order books will be in transfer-only mode for at least 12 hours.
  2. Post-only: [Customers] can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one (1) minute. 
  3. Limit-only: [Limit] orders will start matching but customers will be unable to submit market orders. Order books will be in limit-only mode for a minimum of 10 minutes.
  4. Full trading: [Full] trading services will be available, including limit, market, and stop orders.

As the token moves to each stage, Coinbase will keep users updated.

Since the announcement, 0x has seen a 14.46% spike in day-on-day trading in market and is now trading for $0.755707 USD.

Related Articles

Bitcoin value in Nigeria surges as cash-free society initiative expands

The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.

How is Bitcoin regulated in the United States?

Bitcoin regulation is an ever-evolving topic, especially in the United States where national legislation is impacted by individual states.

BlockFi financial leaks shows $1.2 billion FTX links

Financial information accidentally leaked in a presentation shows that BlockFi's financial ties to FTX were much higher than previously...

Genesis slapped with lawsuits amidst bankruptcy proceedings

Class action lawsuits have been filed against crypto lending platform Genesis as the firm deals with bankruptcy filings.

See All