Coinbase has announced that it is listing an ERC20 token on its platform.
Announced in a blog post, Coinbase stated that users can deposit funds for the 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.
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 Pro (@CoinbasePro) October 11, 2018
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:
- 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.
- 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.
- 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.
- 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.