Coinbase Adds ZRX Token to Its Professional Trading Platform

Coinbase has added its first ERC-20 token, ZRX, to its professional trading platform, Coinbase Pro. The exchange will gradually roll out trading in ZRX/USD, ZRX/EUR, and ZRX/BTC pairs, with restrictions for residents of New York. This move follows Coinbase's efforts to expand its offerings, which now include five digital assets: BTC, ETH, LTC, BCH, and ETC.

Coinbase Adds ZRX Token to Its Exchange Platform

In fulfillment of a commitment made earlier this year, Coinbase has announced the addition of ZRX, the native token of the 0x protocol, to its professional trading platform, Coinbase Pro (formerly GDAX). Trading commenced on October 11, 2018, with ZRX becoming the first ERC-20 token to be listed on the platform.

"Once sufficient liquidity is established, trading will commence on the ZRX/USD, ZRX/EUR, and ZRX/BTC order books," stated David Farmer, Coinbase Pro's general manager, in a blog post detailing the launch. "ZRX trading will be accessible for users in most jurisdictions, but will not initially be available for residents of the state of New York."

Coinbase has adopted a cautious approach to the launch, emphasizing that trading will be rolled out gradually and in stages. "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..." Farmer noted. As per company policy, new coin trading is initially exclusive to Coinbase Pro, with announcements regarding availability on coinbase.com and the Coinbase mobile apps to be made at a later date.

The listing of ZRX marks a significant development for Coinbase, which has undergone a transformative year following a botched bitcoin cash (BCH) listing in December 2017 that led to allegations of insider trading and the implementation of a stringent new asset listing policy.

During the height of the cryptocurrency boom, Coinbase boasted an impressive user base of 13 million. However, the subsequent collapse in Bitcoin's value has adversely affected the company's business, with Bloomberg reporting an 80% decline in the number of U.S. customers buying and selling on the platform.

Undeterred, Coinbase has remained committed to expanding its offerings, recognizing the need to adapt to the evolving cryptocurrency landscape. A year ago, the exchange's portfolio consisted of just three coins: bitcoin (BTC), ethereum (ETH), and litecoin (LTC). This expanded to include bitcoin cash (BCH) in December 2017. In March 2018, the company announced plans for a crypto index fund exclusively available to accredited investors. Ethereum Classic (ETC) was added in June 2018, coinciding with the launch of the index fund.

Coinbase's quest for new coin additions continued throughout the year. In July 2018, the exchange announced that it was exploring potential listings for several new assets, including ZRX (now listed), Cardano (ADA), basic attention token (BAT), Stellar Lumen (XLM), and Zcash (ZEC). In September, Coinbase Bundle was launched, catering specifically to retail investors.

Most notably, Coinbase recently introduced a new asset listing process, allowing individuals and organizations to apply for their tokens to be considered for inclusion on the platform.

Despite these efforts, Coinbase has faced setbacks. In October 2018, the company announced the closure of its index fund due to lack of investor interest.

The inclusion of ZRX on Coinbase Pro represents a significant milestone for the 0x protocol, which enables the decentralized exchange of ERC-20 tokens. ZRX's presence on a reputable and established platform such as Coinbase is expected to enhance its liquidity and accessibility within the cryptocurrency ecosystem.

As Coinbase continues to navigate the ever-changing landscape of digital assets, the addition of ZRX underscores its commitment to offering a comprehensive and diversified range of trading options to its customers. The company's dedication to due diligence and prudent risk management practices ensures that the interests of its users remain paramount, setting a precedent for responsible innovation within the cryptocurrency industry.