Crypto Exchange Coinbase Lists Its First Ethereum-Based Token, 0x
Crypto exchange Coinbase just listed 0x (ZRX) on its professional trading platform Coinbase Pro. The listing marks the first ERC20 token, based on the Ethereum blockchain, to be traded on Coinbase.
0x founders Will Warren and Amir Bandeali share the same vision as Coinbase CEO Brian Armstrong – to create an open financial system for the world.
“We envision a world in which all forms of value are tokenized on public blockchains. This includes fiat currencies, stocks, bonds, commodities, debt instruments, real estate, video game items, digital collectibles, software licenses, reputation and much more. Combined with a set of open financial primitives, we can build a global financial system that is more efficient, transparent, and equitable than any system that has existed in the past. This new infrastructure will be free to use and run on open source code, stripping away layers of middlemen and providing individuals with greater financial sovereignty.”
Coinbase Pro now supports the following trading pairs: ZRX/USD, ZRX/EUR and ZRX/BTC. Order books will be in transfer-only mode for at least 12 hours, pending a four-stage rollout: transfer-only, post-only, limit-only and full trading.
The exchange plans to make ZRX available through the coinbase.com website and on Coinbase iOS and Android apps in an upcoming announcement.
As an open, permissionless protocol that allows ERC20 tokens to be traded on the Ethereum blockchain, 0x is designed to power decentralized exchanges. The idea is to facilitate companies that want to tokenize various assets and then move those digital assets in a decentralized environment.
According to Coinbase Pro general manager David Farmer,
“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.”