The largest exchange by daily trading volume in the United States, Coinbase announced yesterday, October 11 that the listing of 0x (ZRX) is complete. Deposits on Coinbase Pro kicked off on Thursday at 10am PT. The exchange said that it was going to delay trading for at least 12 hours and allow deposits to trickle in. This method is used to ensure that the exchange platform has enough liquidity to support the trading. Coinbase announced the listing of 0x in ZRX/USD, ZRX/EUR and ZRX/BTC trading pairs. The announced on Coinbase blog stated:
“As of 10am PT on Thursday, October 11, we are now accepting deposits for ZRX on Coinbase Pro! We will accept deposits for at least 12 hours prior to enabling trading. Once sufficient liquidity is established, trading will begin on the ZRX/USD, ZRX/EUR and ZRX/BTC order books.”
Coinbase, however, said that ZRX was not going to be available in various jurisdictions where the exchange operates including New York. Significantly, it will be available in the majority of the jurisdictions. Furthermore, the asset is not currently available via the exchange’s website, Coinbase.com as well as Coinbase applications for Android and iOS. The customers have, nonetheless, been assured that announcement for ZRX availability on the above-mentioned platforms will be made in due time.
Steps Coinbase is taking to list 0x (ZRX)
Coinbase has outlined four stages that will be followed for the listing of ZRX on the exchange platform. Every stage will be followed for all the trading pairs, for instance, ZRX/USD, ZRX/EUR and ZRX/USD. The exchange said that ZRX/GBP trading pair is not available during this new asset listing.
“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 our Trading Rules,” Coinbase emphasized.
Step 1: Transfers-Only
Although this stage is already complete, it was scheduled to commence on Thursday 10 am PT on October 11. The customers were given the opportunity to send their ZRX tokens to Coinbase Pro account. During the period, which took approximately 12 hours, no orders were allowed from customers, at the same time, no orders were filled in the order books.
Step 2: Post-Only
In this stage, customers are going to be allowed to post their limit orders, nevertheless, the exchange will not allow matches, in other words, no completed orders. It is not clear how long this step will last due to the fact that it could be kept short or elongated to ensure that market health is at a desirable standard.
Step 3: Limit-Only
In this step, Coinbase says “limit orders will start matching but customers will be unable to submit market orders.” The stage will last for at least 10 minutes.
Step 4: Full Trading
This is the last stage of the listing process. At this level, all the features and services will be made available of ZRX trading including limit, market as well as stop orders.
Coinbase has recently shown its interest in increasing the number of trading instruments on its platforms. The exchange affirmed that it is committed to bringing up the number of assets but only for those that meet the standards.
0x (ZRX) Price Overview
At the time of press 0x (ZRX) is up 15.67% and still counting. It is trading at $0.7765 and is up 16% against BTC and 22% against ETH. The asset is currently ranked at 24 and has a market cap of $420 million. In the last 24 hours, $70 million in volume has been traded on exchanges with Binance taking up 57.55% of the total volume in ZRX/BTC pair.