Following the amendment to Coinbase’s token listing policy last month, decentralized exchange protocol token 0x (ZRX) has become the first ERC-20 token to get listed on the platform.
The San Francisco-based exchange announced the listing on a blog post on Tuesday, declaring that the token will be available through the web, as well as on their Android and iOS apps.
However, ZRX will not be available in the United Kingdom and the state of New York initially. Coinbase emphasized in their listing policy announcement that new tokens would be approved based on their compliance with local law, and that jurisdictional criteria would factor in heavily in the availability of tokens.
When first announced, the ZRX token was only available on Coinbase Pro, but it has now become available on Coinbase’s consumer platform, following the establishment of sufficient liquidity.
The ZRX token has a 24-hour trading volume of $127 million at the time of writing. Binance is by far the most active trading ground for the token.
The Coinbase listing saw the price of ZRX jump up by as much as 40%. It continues to move in an upward trend.
Could ADA, BAT, XLM and ZEC Be Coming to Coinbase?
The listing of the ZRX token on Coinbase does not appear to be a snap decision. Earlier this year, Coinbase revealed a number of tokens that were being considered for listing, which pleased the many investors who were disappointed with the limited token availability of the platform.
In addition to ZRX, those tokens included Cardano (ADA), Basic Attention Token (BAT), Stellar (XLM) and Zcash (ZEC). The fact that Coinbase had already drawn up a list of potential candidates before the announcing of the new token listing policy might lead one to think the other coins are likely to be listed soon — a prospect that is not unreasonable.
ADA, BAT, XLM and ZEC have all proven to be coins with relatively high demand and liquidity, and investors would benefit from the extra liquidity that a major exchange like Coinbase would bring.
Token listings are largely delayed because of the “additional exploratory work,” as Coinbase puts it, that goes towards incorporating new assets. In any case, Coinbase seems to have a tremendous positive influence on the market performance of tokens — even a rumor has a tendency to boost token prices.
Coinbase has confirmed that it plans to add many more tokens in the upcoming months. Furthermore, having received regulatory approval to list tokens deemed as securities, Coinbase is putting itself in a position to achieve global dominance as a cryptocurrency exchange.
