Coinbase Pro Prepares for Tezos (XTZ) Trading
On August 5, wallets and initial deposits for XTZ will open on Coinbase.
Coinbase Pro is preparing for the trading launch of Tezos (XTZ). The addition of the new asset does not guarantee a listing on the wider Coinbase platform, but it is a step ahead for XTZ liquidity. The move arrives a few months after Coinbase Custody added a “baking” option for users who prefer to hold their assets in cold storage.
As usual, the initial launch on August 5 will start with opening wallets for deposits, followed by limited trading until sufficient liquidity is established. As usual, Coinbase Pro is not offering the XTZ option for residents of New York.
The XTZ digital asset and the Tezos ICO were at first problematic for US-based buyers. The Tezos project had to fight and state that the initial tokens were not unregistered securities. The Tezos ICO, which at peak Ethereum (ETH) prices may have held up to $400 million, took a long time to switch the “tezzies” with the new XTZ asset on the native network.
Now, the Tezos network is much more developed, with the voting mechanism set in place and active “baking” facilitated by the elected block producers.
However, the XTZ price has been hurt by the bear market. Even before the mainnet launch, the price of the pre-launch tokens had a series of sharp drops due to loss of patience. XTZ traded at $1.25, rising from recent lows following the Coinbase Pro listing news. XTZ added more than 23% overnight, spiking immediately late on July 30.
The price spike also happened on record trading volumes. XTZ is currently available through Kraken, as well as multiple crypto-to-crypto exchanges. Addition to Coinbase would expose XTZ to higher liquidity, with the option of fiat buying available.
Still, the Tezos network is relatively inactive when it comes to distributed apps or smart contracts. The network carries only around 2,100 transactions per 24 hours, lagging far behind other platforms.