Coinbase Pro notes 0x (ZRX) token, price increase by 14%

Coinbase, one of the world’s most popular crypto currency exchanges has been accepting deposits for ZRX tokens on Coinbase Pro since yesterday. This makes the ZRX token the first Ethereum-based ERC20 token to be noted on the platform. This was announced by the stock exchange on Thursday in a blog post. For Coinbase.com an announcement is expected in the next days.

In the blog post it is hot that the trade will be gradually released. Finally, Coinbase Pro will offer ZRX trading against USD, EUR and Bitcoin:

We accept deposits for at least 12 hours before we start trading. As soon as sufficient liquidity is available, trading begins with the order books ZRX/USD, ZRX/EUR and ZRX/BTC. ZRX trading will be accessible to users in most countries, but will not be available to New York residents for the time being.

As with previous roll-outs, there will be four levels: Transfer-only, Post-only, Limit-only and Full Trading.

Transfer-only: Since Thursday, October 11th at 10am PT customers can transfer ZRX to their Coinbase Pro account. Customers will not yet be able to place orders and no orders will be executed from these order books. The order books are kept in pure transfer mode for at least 12 hours.
Post-only: In the second stage, customers can book limit orders, but there will be no matches (completed orders). The order books are kept in post-only mode for at least one minute. This market condition can be kept short or expanded to improve market health during the launch. Limit-only: In the third stage, the limit orders start to match, but customers cannot place market orders. The order books are kept in limit-only mode for at least 10 minutes.
Full Trading: In the final phase, complete trading services are offered, including limit, market and stop orders.

It is important to know that Coinbase Pro can suspend one of the new trading pairs at any time if the order books do not “speak for a healthy and orderly market”.

When ZRX will also be available on Coinbase.com is not yet certain. However, it is expected that the stock market in a forthcoming announcement, ZRX will also make available on Coinbase ZRX. Already in March, the company had issued a press release that it would extend its offering to Ethereum based (ERC20) tokens.

Coinbase loses 80% of its active customers

As Bloomberg reported yesterday, Coinbase has lost around 80 percent of its active monthly users since Bitcoin’s all-time high of $20,000 in December 2017. Coinbase itself did not want to comment on this.

Coinbase’s active customers dropped 80% since Bitcoin’s peak https://t.co/EHdfv7vjGj pic.twitter.com/dlwGb6pN7z

– Bloomberg Crypto (@crypto) October 11, 2018

It also fits into this negative trend for Coinbase that Coinbase has closed its index fund for wealthy investors. One insider reported that the fund did not generate enough interest and generated less revenue than the company had expected.

Insider trading before 0x Introduction?

Already the introduction of Bitcoin Cash (BCH) at Coinbase was very chaotic. Before the announcement of the listing of Bitcoin Cash at Coinbase, there was an extreme and sudden price increase. As a result, employees of the stock exchange were suspected of having conducted insider trading. However, an investigation by Coinbase itself had found no evidence of this.

As one Twitter user reports now, there was a buy order for 87 BTC for ZRX on Binance, again before the announcement of Coinbase.

Tweeter spotted an 87 btc buy order on ZRX… 2 days before Coinleak announced its launch. pic.twitter.com/nDHeGVxFIM

– Silver Watchdog (@Silver_Watchdog) October 12, 2018

The price of 0x (ZRX) has already risen by 14% at the time of writing. Currently, a ZRX token is traded for EUR 0.65.