Coinbase, the largest cryptocurrency exchange in the world, recently announced the official integration of ZRX, also known as the 0x protocol. Within minutes the value of ZRX increased to almost 30%.
The VP of Coinbase, Dan Romero, wrote in an official announcement how ZRX has Coinbase’s support and it will available on the official website and mobile applications. He also stated that majority of the users, except for those residing in UK or NY state, will be able to trade ZRX on Coinbase.
0x Protocol grabbed the interest of investors on October 7th, 2018 when many users claimed its visibility on the Coinbase’s tax calculator app. Within hours, the asset’s price experienced a surge of 15% thanks to this rumor which was reported by Ethereum World News. Coinbase has a stellar reputation which is why any news regarding its listing, whether true or not, leads to a price change. Ripple experienced such surges when rumors about its listing were being spread.
Coinbase Listing: A Lengthy Process
ZRX is the sixth cryptocurrency that has been listed on crypto broker giant. It was announced in July that Coinbase will be listing 0x along with four other tokens (ADA, XLM, BAT, and ZEC) but Coinbase listing is not a simple process. A token needs to secure the approval local regulatory bodies such as the US Securities and Exchange Commission (SEC) in order to be listed on an exchange like Coinbase. Compliance and security are focal points of concern for exchanges such as Coinbase and Gemini. Even a minor misstep can lead to a massive crackdown by SEC for distribution of unregistered securities which is why it took more than three months for the integration of ZRX.
At the time of the new token listing announcement, Coinbase team stated that their interest in these tokens cannot guarantee their listing as they require exploratory work in addition to the standard work. They also said that unlike BTC, ETH, LTC, BCH and ETC, these new assets might be available for buying and selling on our platform and a user might not be able to send or receive them. Listing of 0x on the platform shows a promising future of this token as a non-security on other crypto exchanges that support fiat currencies. The price of the token shot up by 30% on the same day for ZRX which indicates the optimism of the traders.
As of today, 0x (ZRX) has experienced a fall of 15% after its Coinbase listing surge. 0x is down at $0.87 after hitting the all-time high $1.04. Traders are skeptical about the altcoin’s listing and conspiracy theories are popping all over the crypto space on how Coinbase is facilitating conflict of interest with this asset.