On Friday, Coinbase threw crypto fans into a fever of joy. The company announced adding four new assets to its advanced trading platform Coinbase Pro.
Cryptocurrency exchange Coinbase has started the listing of the ERC-20 token Ox (Zrx) according to an announcement from the platform. This will be the first time Coinbase support an ERC-20 token.
The company stated that it would begin trading once they acquire a certain threshold of liquidity. The limit was eventually reached hours before the press release, and the trading kicked off.
“Trading on the CVC, DNT, LOOM, and MANA order books is about to begin,” the company announced later. “These order books will now enter post-only mode. Customers can post limit orders, but there will be no matches. Order books will be in a post-only mode for a minimum of 1 minute.”
Coinbase explains in their blog why they are choosing to start with listing mainly ERC-20's:
"Our decision to add ERC20 tokens first is based on the relative ease of integrating the standard with our existing infrastructure, particularly from a security standpoint."
Coinbase has divided the launch into four different stages. The first stage will allow investors and traders to transfer ZRX to their Coinbase pro accounts, without the option to place orders.
The second phase will let customers place limit orders, but with no matches. The following two stages will enable “limit only” and “full trading” which means full trading service, including market, limit and stop orders.
Coinbase writes that the most frequent question they get is when they will enable more assets on the platform, and they now have a way to do just that.