This week, the decentralized exchange protocol token 0x (ZRX) got listed on Coinbase. Shortly after the listing of 0x, the speculation started over the potential future listings of altcoins that were previously mentioned by Coinbase. Will other altcoins be added soon? 

On July 13, Coinbase announced that they were considering the possibility of adding 5 coins to their platform. The altcoins in question, Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX), have been on the minds of a lot of crypto traders since then. The reason? Once a digital asset gets the green light to be listed on Coinbase, it instantly gives double-digit gains in a very short period of time.

It now seems that 0x has been chosen to be listed first on the Coinbase Platform. 0x is an open-source protocol that allows for the trading of any ERC20 supported token on the Ethereum blockchain. 0x gives developers an open Javascript library optimal for interfacing with the 0x protocol that allows users to sign, open, cancel, close, fill, and verify order signatures as well as setting up interfaces for checking ERC20 based token balances & allowances.

Other altcoins pumping with potential Coinbase listing

With 0x being finally added, many investors believe that Coinbase will soon start the process of listing another altcoin. Coinbase has been under a lot of pressure lately, with other exchanges growing bigger by the day. Within one 1 year, Binance became the biggest exchange based on daily trading volume, mainly because they have been adding a lot of currencies over a short period of time. To not fall behind, Coinbase is speeding up its listing process.

With the potential listing of the mentioned altcoins, BAT is up over 30%, while XLM and ZEC are up around 13%. Only ADA is falling behind, with being up roughly 5% this week.

BAT has also benefited from its latest Brave Browser release, which brought 22% faster page load speeds and several other improvements. While this is certainly responsible for part of the recent run-up, speculation over a possible listing on Coinbase has definitely contributed.

Why did 0x get listed first?

Since Coinbase announced the potential listing of the five altcoins, 0x had been seen as the altcoin with the most potential. This is because three out of five of the advisers at 0x have a direct affiliation with Coinbase.

Furthermore, ZRX is an Ethereum based token. This means from a coding point of view, it was easier to integrate it onto the Coinbase platform that already supports Ethereum and Ethereum Classic. Integrating coins from other protocols would naturally take a longer time period of time. Investors believe that this is one of the big reasons why Stellar (XLM), Cardano (ADA) and ZCash (ZEC) were left out, for now.

Which altcoin is next?

Based on the theory that it’s easier to integrate Ethereum based tokens onto the platform, it is presumable that Basic Attention Token (BAT) will be next. Of course, this is pure speculation, but looking at the gains that BAT has made over the week, it seems that many traders do have a similar theory.

LEAVE A REPLY

Please enter your comment!
Please enter your name here