0x Surges 30% after Coinbase Listing, Which Crypto is Next?

0x (ZRX), better known as the 0x protocol, experienced a 30 percent increase in value within mere minutes after Coinbase, the world’s largest crypto brokerage, officially integrated ZRX.

In an official announcement, Dan Romero, Coinbase vice president and Coinbase Consumer general manager, wrote:

“Starting today, Coinbase supports ZRX at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, send, receive, or store ZRX, along with Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin. ZRX will be available for customers in most jurisdictions, but will not initially be available for residents of the United Kingdom or the state of New York.”

Approval From Regulators

ZRX/USD | Binance

The integration of 0x by Coinbase, an exchange that focuses on compliance and security alongside Gemini, demonstrated the approval of local regulators such as the US Securities and Exchange Commission (SEC) to list tokens that by existing financial regulations are not considered as securities.

For Coinbase, a minor misstep or an overly aggressive approach in listing tokens could potentially lead the SEC to crack down on the exchange for distributing unregistered securities. Hence, while the initial announcement of Coinbase to list 0x was released in July, it took over three months for the platform to integrate one of the five digital assets it mentioned in its report.

At the time, the Coinbase team stated that regardless of its interest in integrating Cardano (ADA), Stellar (XLM), Brave Attention Token (BAT), Zcash (ZEC), and 0x (ZRX), it cannot guarantee investors on its platform.

“Unlike the ongoing process of adding Ethereum Classic, which is technically very similar to Ethereum, these assets will require additional exploratory work and we cannot guarantee they will be listed for trading. Furthermore, our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet.”

The approval of the listing of 0x represents the acceptance of a green light to list ZRX as a non-security on fiat-enabled cryptocurrency exchanges.

Expectedly, the price of ZRX increased by more than 30 percent on the day, adding close to $200 million to its market valuation in the past month. It overtook Maker and Bitcoin Gold to become the 22nd largest cryptocurrency in the market and the sixth most valuable token in the market behind Binance Coin, EOS, VeChain, Tron, and Tezos.

Why are Traders Optimistic?

The integration of ZRX into Coinbase.com and the firm’s Android and iOS apps could lead other fiat-enabled exchanges to list ZRX in the months to come, at it means that local regulators have approved exchanges to list ZRX as a digital asset.

No major fiat-enabled exchange in the US market apart from Coinbase has considered adding tokens due to regulatory uncertainty, but the forward-thinking approach of Coinbase could lead to more digital assets being listed on US exchanges.

BAT, another token Coinbase has shown its interest in integrating, rose by more than 10 percent in the past 24 hours.


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Image Credit: Charts from TradingView.

Stellar, 0x and Monaco Lead the Crypto Market Higher

Altcoins are starting to recover as Bitcoin continues higher.

After a three-day selloff leading into the weekend, the cryptocurrency market has recovered over the last 24 hours, lead by notable altcoins including 0x (ZRX), Stellar (XLM) and Monaco (MCO).

The AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, jumped from 100.95 to 103.18 over the last 24 hours as of 1:00 AM (EST), representing a 1.7% gain. Over the previous 7 days, the ALT100 hit as high of 109.1 on Wednesday, before pulling back.

The major constituents of the ALT100 include Bitcoin (48.76%), Ethereum (17.46%), Ripple (6.79%), Bitcoin Cash (5.16%), EOS (2.73%), and Stellar (1.95%).

AltDex

The biggest gainers within the ALT100 include 0x (+10.63%), Monaco (+9.25%), Nuls (+7.74%), and Stellar (+7.26%).

Other cryptocurrency categories have recovered over the last 24 hours as well. The AltDex Exchange Token Index (ALTEXC), a benchmark index for the industry’s leading exchange tokens, has increased 3% while the AltDex Privacy Index (ALTPRV), a benchmark index of privacy-focused cryptocurrencies and tokens, is up 2.2%.


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Author: Craig Russo 

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Coinbase is Exploring Cardano, Basic Attention Token, Stellar Lumens, Zcash, and 0x

We are exploring the addition of several new assets, and will be working with local banks and regulators to add them in as many jurisdictions as possible.



Today we are announcing that we’re exploring the addition of the following assets to Coinbase:

• Cardano (ADA)
• Basic Attention Token (BAT)
• Stellar Lumens (XLM)
• Zcash (ZEC)
• 0x (ZRX)

We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets.

Unlike the ongoing process of adding Ethereum Classic, which is technically very similar to Ethereum, these assets will require additional exploratory work and we cannot guarantee they will be listed for trading. Furthermore, our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet. We may also only enable certain ways to interact with these assets through our site, such as supporting only deposits and withdrawals from transparent Zcash addresses. Finally, some of these assets may be offered in other jurisdictions prior to being listed in the US.

As part of the exploratory process, customers may see public-facing APIs and other signs that we are conducting engineering work to support these assets. While we cannot commit to when or whether these assets will become available at this time, we will provide updates to our customers about the process and what they can expect via the Coinbase blog and Twitter.

Going forward, you should expect that we will make similar announcements about exploring the addition of multiple assets. Some of these assets may become available everywhere, while others may only be supported in specific jurisdictions.

Frequently Asked Questions

Q: Can you tell me more about these assets?

You can find information on the assets being explored at their respective websites:

• Cardano (ADA)
• Basic Attention Token (BAT)
• Stellar Lumens (XLM)
• Zcash (ZEC)
• 0x (ZRX)

Q: Why explore these assets at this time?

In evaluating these assets for exploration, we relied as much as possible on the criteria in our published Digital Asset Framework, but found that many of the criteria required communication with external parties to fully evaluate. Regardless, here’s what we found notable about each of these assets.

Cardano (ADA)

The Cardano protocol was created by Charles Hoskinson, one of the co-founders of Ethereum. Cardano’s Bitcoin-like Settlement Layer (CSL) mainnet is live and it has a functional wallet for its built-in ADA cryptocurrency. It has also taken a different technical direction from other blockchains on several axes, like its Ouroboros proof-of-stake algorithm, its use of Haskell, and its focus on formal verification. While Cardano’s Computation Layer (CCL) is not yet live, the project has published long-term roadmaps, has shipped working software, and appears to have a growing community.

Basic Attention Token (BAT)

The Basic Attention Token (BAT) is the internal token of the Brave browser. The initial purpose of the BAT is to allow advertisers to pay for user attention when they view ads via Brave, but it can potentially be used as a general digital currency for Brave user interactions with arbitrary websites. Brave announced that they have recently passed 3 million monthly users and are in the top 10 list in the Google Play store in more than 20 countries. More than 18,000 verified publishers are using Brave across 4,500 websites and 13,500 YouTube and Twitch streamer accounts. The CEO of Brave is Brendan Eich, the inventor of JavaScript and co-founder of Mozilla and Firefox, and the company is funded by Founders Fund and Digital Currency Group, among others.

Stellar Lumens (XLM)

Stellar is an open-source protocol for value exchange developed by Stanford CS professor David Mazieres, Rust language author Graydon Hoare, and Jed McCaleb. Lumens (XLM) are the native asset of the Stellar network. Stellar’s consensus protocol is different from proof-of-work in that it allows and requires individual nodes to choose the set of other nodes they trust as a group (a “quorum slice”) to give them accurate information about the state of the Stellar network. Stellar allows for the creation of anchors that can issue assets, use bridge servers to interface with existing banks, and follow Stellar’s compliance protocol.

Initially funded by Stripe, Stellar’s board members include Khosla Ventures partner Keith Rabois, Stripe cofounder Patrick Collison, WordPress founder Matt Mullenweg, YCombinator President Sam Altman, MIT DCI head Joi Ito, and AngelList founder Naval Ravikant.

Zcash (ZEC)

Zcash is a cryptocurrency which uses recent advances in cryptography to allow users to protect the privacy of transactions at their discretion. The distinction between Zcash’s “transparent” and “shielded” transactions is analogous to the distinction between unencrypted HTTP and encrypted HTTPS. In both cases, the unencrypted/transparent version of the protocol allows third parties to see metadata associated with the communication or transaction, while the encrypted/shielded version protects this information. The Zcash protocol has been live since 2016 and the development team has published technical improvements that may reduce the memory consumption associated with transaction privacy by 98%.

0x (ZRX)

0x is an open protocol that allows ERC20 tokens to be traded on the Ethereum blockchain. ZRX is the native utility token of the 0x protocol, and several dozen independent projects have been built with the 0x technology, including relays and decentralized exchanges with tens of millions of dollars in collective transaction volume to date. The project has shipped a number of tools for developers, including JavaScript, Solidity, and Web3 libraries, and has mostly adhered to the roadmap outlined in their whitepaper.

Q: What is the status on adding Ethereum Classic (ETC)?

We are underway with engineering work to add Ethereum Classic (ETC), and it is proceeding as planned. We are making this announcement so that we can begin the next phase of work to explore adding more assets to the platform.

Q: What is the status on adding Ethereum Classic (ETC)?

We are underway with engineering work to add Ethereum Classic (ETC), and it is proceeding as planned. We are making this announcement so that we can begin the next phase of work to explore adding more assets to the platform.

Q: What is the status on adding ERC-20 assets?

We announced our general intention to support ERC20 assets in March. The BAT and ZRX assets are the first specific ERC20-based assets we are exploring for addition to the platform.

Q: How will you decide what countries to launch these assets in?

Regional support will depend on a case-by-case analysis that looks to legal, compliance, and other factors that are relevant to that jurisdiction. In some cases, you should expect certain assets to be available in other jurisdictions before coming to the US.

Q: Does this mean Coinbase has deemed these assets to not be securities under a particular country’s laws?

No. That legal analysis is ongoing and will vary by jurisdiction. As we only plan to launch assets which are compliant with local law, some assets may only be available in specific jurisdictions.

Q: Why is this just an exploration, rather than an announcement that Coinbase is adding these assets?

In an effort to be as open and transparent as possible, we’re announcing that our teams are exploring the feasibility of supporting these assets. This is consistent with our process for adding new assets. But unlike Ethereum Classic, which is technically very similar to Ethereum, these assets will require additional exploratory work that may result in one or more of them being listed only in specific.

Q: Which Coinbase platforms will support these assets?

We have not made this determination at this time, but we hope to offer support for each asset across the widest variety of products in each jurisdiction.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author The Coinbase Blog
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