Coinbase had made a promise on its blog post in March this year. And it looks like Coinbase has worked up to the promise. Because Coinbase has added its first ERC-20 token – ZRX. ZRX is based on 0X protocol (zero x protocol). And has started trading on the exchange’s professional trading platform Coinbase Pro on October 11, this year.
Coinbase Pro general manager David Farmer wrote the details of this launch in a blog post, saying “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.”
Coinbase adds up its first ERC 20 token-Coinbase said the trading for ZRX will take time and it’s going to happen in stages. Farmer further wrote, “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 the firm’s policy, new coin will trade on Coinbase Pro first. When it is time for the coin to trade on Coinbase.com or Coinbase mobile apps, the company said it would come up with announcements on the same.
Due to some issues, the user base of Coinbase seems to be decreasing according to the reports. The exchange had up to 13 Million subscribers during the time of crypto bubble. But since December 2017, Bitcoin has lost around 60% of its value. This has, in turn, affected the number of users of Coinbase. According to the reports of Bloomberg, the exchange’s user base has declined by more than 80 percent.
As a result of these developments, Coinbase has geared up to increase its offerings. There were only three coins listed in the exchange a year ago namely Bitcoin, Ethereum and Litecoin. Bitcoin Cash was added in December 2017. In March 2018, they came up with a crypto index fund that was available only for accredited investors. However, Coinbase is reportedly closing this idea because not many investors have shown interest. And then was later launched in June 2018. Ethereum Classic (EST) was also launched as a fifth Asset of the Exchange in June 2018.
Coinbase adds up its first ERC 20 token-The efforts to add new assets to the listing have not stopped and the recent addition of ZRX is the good proof. The other assets were Cardano (ADA), basic attention token (BAT), Stellar Lumen (XLM) and Zcash (ZEC). In September Coinbase said that anyone with a token can apply for that token. They need to be listed in the exchange’s platform.