Coinbase adds 0x protocol [ZRX] token to its professional trading platform
One of the leading crypto exchanges in the world, Coinbase will now accept deposits for ZRX token on its professional trading platform Coinbase Pro. This was announced by the exchange in a blog post on Thursday.
“We will accept deposits for at least 12 hours prior to enabling trading. 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,” says Coinbase Pro’s Medium blog.
ZRX is not yet available through the coinbase.com website and in the Coinbase iOS and Android apps.
According to the blog, there will be four stages to the launch. The professional trading platform will follow each of these stages independently for each new order book: ZRX/USD, ZRX/EUR and ZRX/BTC. Right now the exchange is not supporting trading on the ZRX/GBP pair.
“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,” says David Farmer, General Manager of Coinbase Pro in the blog.
Keeping the trend going like some of its earlier rollouts, the addition of ZRX will go through four stages: transfer-only, post-only, limit-only, and full trading.
- Transfer-only: Starting at 10 am PT on Thursday, October 11, customers will now be able to transfer ZRX into their Coinbase Pro account. Customers will not yet be able to place orders, and no orders will be filled on these order books. Order books will be in a transfer-only mode for at least 12 hours.
- Post-only: In the second stage, customers can post limit orders but there will be no matches. Order books will be in a post-only mode for a minimum of one (1) minute.
- Limit-only: In the third stage, limit orders will start matching but customers will be unable to submit market orders. Order books will be in a limit-only mode for a minimum of 10 minutes.
- Full trading: In the final stage, full trading services will be available, including limit, market, and stop orders.
Coinbase prepares for the big move
In another development last month, the leading crypto exchange revamped its policy for listing new cryptocurrencies, replacing an old ad hoc process with a more comprehensive and structured one, which the startup expects will expand the range of assets traded on the platform.
Announcement to this effect was made in a Medium blog which stated:
“We’re announcing a new process that will allow us to rapidly list most digital assets that are compliant with the local law, by satisfying listing requests in a jurisdiction-by-jurisdiction manner. In practice, this means some new assets listed on our platform may only be available to customers in select jurisdictions for a period of time.”
Back in March, the company had revealed that it aims to expand its offering with more Ethereum-based (ERC20) tokens. Coinbase has served more than 20 million customers and supported more than $220 billion in cryptocurrency trades since it was founded in 2012.
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