ZRX Spikes 40 Percent After Coinbase Listing
After months of speculation, San Francisco-based Coinbase launched the trading of 0x (ZRX) on its trading platform, causing a quick 40 percent rise in the asset’s price after listing.
ZRX Added to Coinbase
ZRX is launching at https://t.co/bCG11KveHS and in the iOS and Android apps within the next 15 minutes. You may need to update your app to properly buy and sell ZRX. We will update when ZRX is fully live. https://t.co/kzDisSZrFu
— Coinbase (@coinbase) October 16, 2018
ZRX prices spiked by over 40 percent at the time of Coinbase’s announcement, and the bullish price action continues to sustain.
The listing comes soon after ZRX was added to Coinbase Pro, the company’s retail trading platform. Previously, the firm had revealed its “intentions” to “explore” crypto-assets for potential trading on their platform, including 0x (ZRX), Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM) and Zcash (ZEC).
In the blog post, Coinbase stated one of the most common requests from its customers was to offer more cryptocurrencies for trading on its platform. Now, the firm has declared its intentions for adding support well in advance to presumably avoid a Bitcoin Cash-like debacle – which spurred insider trading rumors after the asset’s prices hit $8,500 on Coinbase and traded at $3,500 on other exchanges.
For now, users from New York and the United Kingdom will not have access to trading ZRX due to unresolved regulatory issues The addition of ZRX is a move away from well-established cryptocurrencies that Coinbase is known for listing. The exchange typically adds utility tokens and keeps a distance from security tokens, which ZRX may be classified under by some critics.
Conflict of Interest Accusations
Meanwhile, the Twitterverse called out a conflict of interest in the ZRX listing. As it stands, three of five advisors for 0x have links to Coinbase or have worked with the company in the past:
— Crypto Rand (@crypto_rand) September 25, 2018
The finding begs the question: How did ZRX get trading support over Stellar or Cardano? Both have a higher market cap than the former and have been on the community’s wishlist since a significant period.