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The 0x project is a project designed to facilitate a decentralised exchange for cryptocurrencies and tokens. It’s a bold and growing project, one with a solid vision for the future. According to the 0x website:
“The 0x protocol facilitates the exchange of a growing number of Ethereum-based tokens including currencies, game items, and many more digital assets. By sharing a standard API, relayers can easily aggregate liquidity pools, creating network effects around liquidity that compound as more relayers come online. 0x allows trade functionality to fade into the background, enabling developers to focus on building while 0x handles the exchange.”
Generally, ZRX, the native token to the 0x platform doesn’t see an awful lot of the limelight, many even consider ZRX to be but a side project for the 0x platform on the whole. Today though, after what looks to be an ‘accidental’ announcement from Coinbase, ZRX is flying high.
Is ZRX set to be the next asset listed on Coinbase?
In order to answer this question, we need to track back a few weeks to the major Coinbase announcement that suggested the company had finally improved their token listing process. Within their announcement, Coinbase essentially stated that they would be listing each and every cryptocurrency eventually and that the company where no longer focusing on cryptocurrencies with a significantly high market cap. Yes, this announcement even includes a potential listing for the controversial XRP token, a cryptocurrency that has fought for a Coinbase listing for some time now.
The official Coinbase announcement from the 25th of September reads as follows:
“Today we’re announcing a new process that will allow us to rapidly list most digital assets that are compliant with local law, by satisfying listing requests in a jurisdiction-by-jurisdiction manner. In practice, this means some new assets listed on our platform may only be available to customers in select jurisdictions for a period of time. With this shift in process, our customers can expect us to list most assets over time that meet our standards. Because listing announcements will become more frequent, we expect to publicly announce the addition of new assets only at or near the time of public launch across one or more Coinbase products.”
Here’s why ZRX looks to be next
On Sunday, ZRX started to gain momentum yet there had been no significant announcements of movements from the 0x project. Overall, ZRX looked to be moving up on it’s own. As we know though, this generally doesn’t happen and for altcoins of this nature to rise, there needs to be an underlying motivation. After spending numerous hours making significant gains, some users started to spot that ZRX has appeared on the Coinbase tax gain/loss calculator, something that was in turn confirmed by Twitter user @Crypto_Macro
$ZRX showing up on Coinbase. This is legit. https://t.co/FgfUuGQYa0
— Alex Krüger 🇦🇷 (@Crypto_Macro) 7 October 2018
Why is this important?
The Coinbase tax calculator generally allows users to make calculations based on their Coinbase portfolio, since ZRX isn’t actually available on Coinbase, there is no reason for ZRX to be listed on the tax calculator. The only way this could have happened is if Coinbase needed to test a ZRX listing on the calculator, which can only mean one thing – Coinbase intend to list ZRX on their exchange.
Or, perhaps somebody at Coinbase is simply just trolling the rest of the crypto community?
As it stands, there have been no official announcements from Coinbase with regards to this, so for now we are simply just left to speculate. It is this speculation and anticipation for a potential announcement that is now driving up the value of ZRX, once again, it’s a case of the Coinbase paranoia that seems to drive the price of the markets, something that Ethereum World News have referred to as, the Coinbase Effect:
“While ZRX’s listing hasn’t been officially confirmed, this is a clear example of the colloquially dubbed “Coinbase effect,” whereas digital assets or projects mentioned by the $8 billion crypto startup see an influx of interest from the common consumer. This can be widely attributed to the fact that Coinbase is widely regarded as one of the most well-respected, well-known firms in the entire cryptosphere, with many retail investors first using Coinbase’s exchange/wallet system as a way to interact with the cryptocurrency ecosystem.”
Overall, it’s clearly a very exciting time for the team at the 0x Project and of course for ZRX too. A listing on Coinbase would see a huge influx of ZRX investment and would do very good things for the future of ZRX adoption. Moreover, this will only encourage further interest in the 0x Project too. All things considered though, even a slip up on this scale does not confirm a ZRX listing, therefore we can’t actually guess when or if ZRX will really be listed on Coinbase. At the very least, investors will now be left to hope.
Ethereum World News