Coinbase Launches First ERC-20 Token on Platform

Leading U.S. cryptocurrency exchange Coinbase has started listing 0x token, according to an announcement published Oct. 11.

The move marks the first time Coinbase has added support for an ERC-20 token.

ERC-20 tokens are tokens developed and used solely on the Ethereum platform, where ERC stands for Ethereum Request for Comment, and 20 is the number assigned to this request.

Per the announcement, Coinbase has launched support for ZRX on its professional platform, Coinbase Pro, although trading will only be allowed once sufficient liquidity is established.

Coinbase has divided the launch into four independent stages for each new trading pair; ZRX/USD, ZRX/EUR and ZRX/BTC, while the exchange notes that currently it will not offer trading on the ZRX/GBP pair.

As Coinbase states in the blog post, in the first, "Transfer-only" stage, customers will be able to transfer ZRX into their Coinbase Pro accounts, without an option to place orders.

In July, Coinbase announced its was considering adding five new assets - Cardano, Basic Attention Token, Stellar Lumens, Zcash, and ZRX - to its trading list.

Coinbase revealed its intention to add support for ERC-20 tokens in March, reversing previous statements from January.

"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," the platform asserted.

On its weekly chart, the cryptocurrency price surged from $0.62 on Oct. 6 to $0.86 today following the Coinbase announcement.