0x (ZRX) Listed On Coinbase Pro
Coinbase has listed 0x (ZRX) on its exchange.
The exchange recently opened its doors to applications from new coins, and as of 10am PT it is accepting deposits in ZRX tokens, the newest member of its exclusive club.
In a statement, Coinbase explained that once sufficient liquidity is attained, trading will begin; ZRX will not be available in New York.Last week, canny analysts spotted 0x token on a Coinbase tax page, giving the strongest hint yet that the token would be listed.
In his May article, Andrew Macdonald suggested a number of reasons why he believed ZRX fit the criteria for listing on Coinbase – among them, he suggested:
Liquidity: GDAX, the trading app owned by Coinbase for professional crypto traders, is a top 8 exchange globally in terms of volume per day. A listing provides immediate liquidity in a cryptocurrency market that does over $310 billion in volume per day.
Access: Over 85% of GDAX’s volume is on USD pairs. It gives a market opportunity to exchange fiat for cryptocurrency, and Coinbase is arguably considered the most responsible platform to do so. Coinbase has been described as the platform you’d share with your grandmother to get into cryptocurrency for the first time due to their exceptional Ux design. There are few avenues for a green, inexperienced, non-technical investor to buy cryptocurrency for the first time, and Coinbase is often the place they are directed.
Familiarity: Having USD pairs makes it easier for your average investor to conceptually understand their investments. People are more familiar with pricing assets in dollars versus satoshis (the smallest denomination of bitcoin), and therefore they are more comfortable using USD as their baseline. For example, buying Cardano (ADA) at $0.35 USD per coin is conceptually easier to interpret than buying ADA at 4000 satoshis.
Advertising: A listing will inherently attract the attention of all mainstream crypto media outlets. In addition, since Coinbase is generally a new investor’s first interaction with crypto, it gives a new group of crypto investors an introduction to the currency. It’s also a cyclical effect that benefits from word of mouth marketing.
Legitimacy: Coinbase aims to be the most trusted cryptocurrency company in the space according to their Chief Compliance Officer, Mike Lempres. A fundamental component of reaching that goal is compliance, and a listing on Coinbase confirms the integrity of a coin to the public. They’re a trusted entity and it’s expected that they’ve done their due diligence in the process of listing.