Home / Altcoins / Crypto World: Coinbase Launches First ERC-20 Token on Platform

Crypto World: Coinbase Launches First ERC-20 Token on Platform

The leading cryptocurrency exchange Coinbase has started listing 0x (ZRX) token, an announcement done on 11th October. The move marks the first time Coinbase has added support for an ERC-20 token.

ERC-20 tokens are tokens developed and used solely on the Ethereum (ETH) platform, where ERC stands for Ethereum Request for Comment, and 20 is the number assigned to this request. ERC-20 makes the creation of new tokens extremely easy, which is why ETH became popular with crowdfunding companies working on Initial Coin Offerings (ICOs).

Per the announcement, Coinbase has launched support for ZRX on its professional platform, Coinbase Pro, although trading will only be allowed once sufficient liquidity is established. The exchange notes that a separate announcement will be made when the token becomes available on coinbase.com and on its iOS and Android apps

Coinbase revealed its intention to add support for ERC-20 tokens in March, reversing previous statements from January. “After evaluating factors such as liquidity, price stability, and other market health metrics, we may choose to add any ERC-20 asset added to GDAX to the Coinbase platform,” the platform asserted.

At press time, ZRX is trading at around $0.76, up by 5.42 percent on the day, according to CoinMarketCap. On its weekly chart, the cryptocurrency price surged from $0.62 on Oct. 6 to $0.86 today following the Coinbase announcement. ZRX’s market capitalization is around $407 million, while its daily trading volume is around $67 million.

Check Also

Proposal For The Taproot/Schnorr Soft Fork Has Now Been Published

Proposal For The Taproot/Schnorr Soft Fork Has Now Been Published

Bitcoin Taproot/Schnorr soft fork proposal or formally labeled Bitcoin Improvement Proposal (BIP) 340, 341, and …

Leave a Reply

Your email address will not be published. Required fields are marked *