In a blog post dated 16th October, Coinbase made a very significant announcement: Coinbase users can bow buy and sell ZRX. This is the first ERC20 token to join Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin on this major exchange. Users can buy and sell online or via the Coinbase apps for iOS and Android. However, UK and state of New York residents don’t have access to ZRX on Coinbase for the moment, but most other jurisdictions do.
Coinbase has been considering the addition of an ERC20 token since March. Back then it said: “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.”
Then, in July it announced it was looking at Ox (ZRX) as well as Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), and Zcash (ZEC). It seems that Ox won.
Today’s trading has seen Ox surge by 35% following the Coinbase announcement. According to Cointelegraph, “ZRX’s market capitalization is around $464 million, while its daily trading volume is around $46.5 million at press time on 17th October.”
What is Ox (ZRX)?
Oliver Dale writing at Blockonomi has provided the following overview of Ox:
0x is an open protocol that is designed to offer a decentralised exchange as part of the Ethereum blockchain. 0x is made using a protocol that involves Ethereum smart contacts that allow those around the world to run a decentralized exchange.
With 0x, the founders hope to address the inefficiencies of decentralized cryptocurrency exchanges as well as the inability of various exchanges to work together.
The 0x Project is closer to a decentralised cryptocurrency exchange than a centralised one but it has notable differences. 0x addresses the main issues with decentralised exchanges: they are costly, slow, illiquid, and can’t be operated with each other. 0x addresses these issues by developing a standard protocol. This protocol can be applied to all orders relayed off the blockchain. With the protocol, the orders have to go back on the blockchain when they are settled instead of at every transaction. This significantly speeds up the process and eliminates some of the unnecessary transaction fees.