On October 7th, ZRX, the native token of the 0x ecosystem, saw a strong uptick in investor interest, as users claimed that the asset was visible on Coinbase.com’s in-house tax calculator application in an apparent accident. This rumor, as reported by Ethereum World News, saw the asset post a 15% gain in a matter of hours, as optimists claimed that the popular altcoin was on the verge of gaining a listing position on Coinbase, which is widely regarded as America’s foremost crypto asset exchange.
— S Taj (@suh9083) October 7, 2018
At the time, however, this was nothing more than an unaddressed rumor, subsequently leading the Ethereum-based token down into the dumps, so to speak, in the days that followed.
But, on October 11th, after four days of silence from both the 0x and Coinbase teams, the latter organization revealed that it had formally launched ZRX support on “Coinbase Pro,” the San Francisco-based startup’s platform for professional traders.
While ZRX’s addition to the aforementioned platform was undoubtedly met with success, with trading going live without any hitches, it wasn’t made clear when the asset would launch on Coinbase Consumer, better known as Coinbase.com, which is where a majority of the platform’s users are often situated.
Coinbase Finally Lists Ethereum-Based ZRX On Consumer Platform
Just recently, on Tuesday afternoon, as made clear via an announcement made to its 1.03 million Twitter followers, the ‘unicorn’ startup has launched support for ZRX on Coinbase’s Consumer-focused platforms.
ZRX is launching at https://t.co/bCG11KveHS and in the iOS and Android apps within the next 15 minutes. You may need to update your app to properly buy and sell ZRX. We will update when ZRX is fully live. https://t.co/kzDisSZrFu
— Coinbase (@coinbase) October 16, 2018
Like any other asset listed on the world-renowned platform, users will be able to buy, sell, send, receive, or store ZRX, alongside any of the five other cryptocurrencies that are already supported by Coinbase.
Interestingly enough, for now, users who reside in the United Kingdom or the state of New York will be unable to trade this specific crypto asset, presumably because of the unknown regulatory climate around ZRX, which has yet to be directly addressed by prominent financial regulators.
Coinbase’s move to not universally introduce support for the asset, which remains in a murky regulatory zone, is in-line with the firm’s commitment to only add digital assets on a “jurisdiction-by-jurisdiction basis.” As covered in a previous report of ours, this is being done in an apparent bid to mitigate the risk of backlash from governmental agencies, which may be fearful of a specific crypto-related project, or this budding industry as a whole.
Still, due to the colloquially termed “Coinbase Effect,” where assets or projects that are even fleetingly mentioned by Coinbase, a now $8 billion startup, see a notable uptick in volume, ZRX has pushed against the tide of the market, seeing a convincing move to the upside.
Per data from Poloniex, as relayed by TradingView, the Ethereum-based altcoin is up 17% in the past 24 hours and has found itself above the $0.85 price level. In spite of its position as ‘only’ the 23rd largest crypto asset by market capitalization, volume backing the asset has already surpassed the amount of volume seen on IOTA, Binance Coin (BNB) and Tezos (XTZ), while nearing Stellar Lumens (XLM).
Coupled with the news of 0x’s addition, Dan Romero, the vice president and general manager of Coinbase Consumer, also added that the startup is continuing to invest in new tools that will help investors “understand and explore cryptocurrencies.”
Title Image Courtesy of Marco Verch From Flickr