Coinbase Pro has widened its selection of digital assets with the long-awaited addition of 0x (ZRX), a protocol for decentralized exchanges. ZRX jumped at around 16:00 UTC on Thursday, when deposits opened, and is up almost 14% in the past day to $0.75.
“Once sufficient liquidity is established, trading will begin on the ZRX/USD, ZRX/EUR and ZRX/BTC order books. ZRX trading will be accessible for users in most jurisdictions, but will not initially be available for residents of the state of New York.”
ZRX trading will start in stages, with the placing of limit orders allowed first to establish liquidity before the green light is given to full market order trading.
The demand for more assets has led Coinbase Pro to establish a procedure for more listings. 0x is among the first in a new batch, while tokens like Basic Attention (BAT), Cardano (ADA), and Stellar (XLM) are still left waiting. For those assets, rumors and expectations of a Coinbase listing have also served to boost the price in the short term, but they remain outside the selection.
An addition to Coinbase does not immediately lead to a price spike, especially during a bear market, when most assets lose their appeal.
Skeptics also noted that the ZRX pump happened before the official announcement:
A similar thing occurred before the listing of Bitcoin Cash (BCH) on Coinbase, suggesting the possibility of insider information. However, there were enough rumors to trigger the price spike, and ZRX also saw robust price moves over the entire past week.
ZRX will not be available through Coinbase.com or the mobile apps, and the team expects separate announcements for the full listing. For now, the Coinbase Pro listing will have a limited effect on the popularization of the protocol. ZRX is highly dependent on Binance trading, meaning that any news could be transformed into one concentrated pump, lifting the prices.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.