The leading cryptocurrency exchange Coinbase is in the latest crypto news, this time for the start of listing its 0x (ZRX) token, according to an announcement that was published on October 11th. With this, Coinbase has officially added support for an ERC-20 token.
If you are new to these tokens, ERC-20 tokens are basically tokens that are developed and used solely on the Ethereum (ETH) platform, where ERC stands for Ethereum Request for Comment and the ’20’ is the number assigned to this request. As such, ERC makes the creation of new tokens in an easy way, which is why ETH became popular with crowdfunding companies working on Initial Coin Offerings (ICOs).
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As the announcement notes, Coinbase has launched support for ZRX on its professional platform, Coinbase Pro. However, trading will only be allowed once proper liquidity is established. The exchange also noted that a separate announcement will be made once the token becomes available on Coinbase.com and its iOS and Android apps.
In the blog post, Coinbase also said that the “transfer-only” stage will see customers transferring ZRX into their Coinbase Pro accounts without an option to place orders. The second stage, “post-only” will let them post limit orders with no matches. The next stages named “limit-only” and “full-trading” will enable matching limit orders and full trading services such as limit, market and stop orders.
With this, Coinbase once again revealed its intention to add support for ERC-20, which began in March, after reversing the statements from January. As they said then:
“After evaluating factors such as liquidity, price stability, and other market health metrics, we may choose to add any ERC-20 asset added to GDAX to the Coinbase platform.”
Currently, ZRX is trading at around $0.76 and is up a few percents on the day.
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