12 Oct 2018 Josphat Kariuki
Coinbase Announces Listing of the First ERC-20 Token - Ox
ERC-20 tokens are solely developed for use on the Ethereum platform. As ERC stands for Ethereum Request for Comment, and 20 represents the number assigned to the request, the system makes it easy to create new tokens, which is generally the reason why Ethereum was highly adopted for ICOs (Initial Coin Offerings) by crowd-funding companies.
Coinbase users in most jurisdictions, except those in New York, will be able to trade ZRX during its launch stage. The support of the token will be in four different stages, setting up a new trading pair in each case. The trading pairs with include ZRX/BTC, ZRX/EUR, and ZRX/USD. However, Coinbase notes that they are not planning to offer ZRX/GBP pair at this time.
Following a blog post published by Coinbase, the leading exchange has revealed that during the first stage, customers will have the ability to transfer ZRX to their Pro accounts without placing orders. This step is known as the “transfer-only” stage, while the second, the “post-only” stage will allow the users to create limit orders with no matches. The two subsequent stages will include “full-trading” and “limit-only” stage which will allow customers to match limit orders. On the other hand, the full trading services will include stop, market and limit orders.
In an announcement made in July, Coinbase revealed that it was considering the support of five new tokens to its trading list. These digital assets include Cardano (ADA), Stellar Lumens (XLM), Basic Attention Token (BAT), ZRX and Zcash (ZEC). The exchange noted that new assets need more research and exploratory work. Coinbase further warned that some of the listings might only make the coins available for the customers to trade, without being able to receive or send the tokens through a local wallet.
The company’s intention to support ERC-20 tokens was revealed in a statement made in March this year, abandoning the views expressed in a January statement. In the announcement, Coinbase asserted that the decision to add an ERC-20 asset on their platform was taken after careful evaluation of different factors: price stability, liquidity, and several other market metrics.Cryptocurrency exchange Coinbase 0x