Coinbase, a cryptocurrency exchange giant, has decided to add 0x protocol token to Coinbase Pro. The exchange announced on Thursday via their blog that it would accept deposits for 0x (ZRX) and would allow trading from around 5:00 A.M. UTC, at least 12 hours after the first announcement. This is the first time that the exchange supports an ERC-20 token running on Ethereum blockchain.
Although ZRX is available on Coinbase Pro, it’s currently unavailable for traders through Coinbase official website or its Android and iOS apps.
As with some of its past rollouts, the inclusion of ZRX involves four steps:
- Transfer-only
- Post-only
- Limit-only
- Full trading
The price of the token began to surge following the announcement, reaching its record high since August, according to data from CoinMarket Cap. At the time of writing, the coin is trading at $0.77 and boasts a market cap of $417 million.
The price rise of ZRX started a few minutes before 5 PM UTC and eventually exceeded the daily low of $0.60 by 31%.
The announcement was published at 17:00
A spokesperson for Coinbase said that this announcement was officially made at 17:00 via their website. But he said that the exchange started accepting deposits at 16:55 UTC in order to ensure smooth operation of the process.
Previously, Coinbase announced it was considering adding ZRX to its platform. The company made this announcement in July this year when it said it was planning to add a few tokens to its platform. At that particular time, Coinbase said investors in certain jurisdictions or regions may be unable to trade specific tokens due to local regulations.
About Coinbase Pro
Coinbase pro is the advanced version of Coinbase. The platform is filled with advanced features such as more trading options and detailed charts & and graphs. The platform prides itself as one of the world’s most trusted crypto exchanges. It is registered with FinCEN and insured by FDIC insurance.