Tezos is coming to Coinbase Pro, XTZ surges 16.4%
Tezos (XTZ) is a proof-of-work smart contract platform with built-in features for user governance. Using these governance features, Tezos is attempting to “democratize” protocol upgrades by incenting user participation.
On July 30, 17:00 UTC Coinbase announced that it is adding Tezos to Coinbase Pro, the exchange’s platform for active traders. An hour after the announcement the price shot up from $1.04 to $1.21, a 16.4 percent increase.
At its peak within the hour, the XTZ token wicked to $1.26, a 21.9 percent increase from the formerly stable trading range between $1.00 and $1.04. Meanwhile, the overall altcoin markets were unchanged, only decreasing 0.15 percent—suggesting that the price increase for XTZ was motivated by the news and not broader market movement.
Trading volume is also up substantially, increasing from a 7-day average of $5.6 million based on aggregate CoinMarketCap data to the 24-hour volume of $10.7 million—up 91.1 percent.
The Tezos platform launched with much fanfare, with its initial coin offering in July 2017 raising $232 million, one of the largest ICOs of all time.
Following the ICO a major dispute broke out between Tezos founder Johann Gevers and partners Arthur and Kathleen Breitman—the owners of Tezos’ intellectual property rights.
As a result, the launch of the Tezos platform was delayed indefinitely. Token holders were outraged and many sought legal remedies for reimbursement of their funds, with limited success. The network was launched Sep. 17, 2018.
Trading goes live for the token on Aug. 5, 2019, late standard pacific time.