Coinbase announced today its support for ZRX both on Coinbase.com and the iOS and Android apps. Most people will now able to buy, sell or trade ZRX using the platform. Keep in mind, ZRX trading will not be available for residents of the UK or those in New York as of right now. However, support for those regions will be enabled in the near future.
Coinbase announced last month that it has set to expand the amount of cryptocurrencies listed on their platform. It is looking to list up to 40 new digital assets on the exchange by expediting the process of adding new coins to the platform.
In order for an asset to qualify for listing they must meet two criteria:
- The request to be listed must come from a founder, approved employee, or an investor with over $1 million in the crypto.
- The application must be evaluated and pass 6 stages before being listed.
It seems that ZRX is the first cryptocurrency to pass those requirements after Coinbase’s new initiative, as it is now successfully listed on the platform.
ZRX Price Reacts
The market reacted accordingly to the announcement and the ZRX price jumped by over 15% in a matter of minutes. ZRX is currently the biggest gainer in terms of price for the top 100 cryptocurrencies, trading at $0.84 at the time of writing. Most of the volume for the cryptocurrency is coming from Binance, followed by Coinbase Pro.
What is ZRX?
If you aren’t familiar with the 0x protocol, aka ZRX, it is a cryptocurrency designed to exchange ERC20 tokens in a decentralized, peer to peer way.
Since most crypto projects and ICOs these days have some sort of ERC20 token in circulation, it only makes sense that an exchange would be made to trade those specific currencies. One of the best parts of the 0x exchange is that it does not require user registration because it is a protocol and not a centralized piece of software.
ZRX is still quite a ways away from reaching its all time high of $2.37. However, as support for this token grows and cryptocurrency traders become aware of what it is exactly, the sky is the limit for the project.