Coinbase Pro Lists Ox (ZRX)
ZRX is launching on Coinbase Pro! The ZRX/USD, ZRX/BTC, and ZRX/EUR order books have entered transfer-only mode. Traders can deposit ZRX, but cannot yet place or fill orders. Order books will remain in transfer-only mode for at least 12 hours. https://t.co/SomOUqoXhv
— Coinbase Pro (@CoinbasePro) October 11, 2018
Today, Coinbase Pro added another cryptocurrency listing to their exchange. As of 10 am EST on October 11, 2018, you can invest in Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), and Ox (ZRX). New York residents are the only Americans who cannot invest in this token at the time of writing.
However, you cannot trade until it has enough liquidity. According to Coinbase Pro’s Twitter, “The ZRX/USD, ZRX/BTC, and ZRX/EUR order books have entered transfer-only mode.” In other words, you can only deposit for at least the next 12 hours. This token isn’t available for purchase within the Coinbase wallet, either.
What Is Ox (ZRX)?
This Ethereum token runs on an open protocol called the Ox Project. Launched in 2016, the Ox Project combines the pros of decentralized and centralized cryptocurrency exchange transactions.
More specifically, centralized exchanges are typically fast, but having higher security risks because of how they store data. By comparison, decentralized cryptocurrency exchanges are slower but more secure since they distribute transaction data across a much wider, i.e. decentralized, network. Furthermore, transactions on a decentralized exchange like Ethereum can cost a lot in gas. This is essentially the cryptocurrency it takes to initiate a transaction.
To decrease transaction fees, the Ox Project uses “relayers,” who store order books for the network. This is what we call an “off-chain order book.” Relayers receive this token as a reward per transaction. The Ox Project also uses Ethereum smart contracts.
Before the Coinbase Pro listing, it was available on Poloniex, Binance, Huobi, and other exchanges.
Coinbase Pro Seeks to Add More Cryptocurrencies
Cryptocurrency exchanges like Binance and KuCoin have hundreds of listings. By comparison, Coinbase has focused on high market cap cryptocurrencies. However, Coinbase Pro’s decision to add a new token is the beginning of a larger expansion. This announcement follows a report that Coinbase activity has decreased by 80%.