Coinbase has announced that it is listing 0x token (ZRX) on its newly launched “Coinbase Pro” platform. Coinbase stated in its official blog that Coinbase Pro will start accepting ZRX deposits on 10am Thursday, October 11 (Pacific Time). The deposit will be open for at least 12 hours before trading starts. This will prevent price manipulation due to low liquidity since traders will have 12 hours to deposit their ZRX.
As of 10am PT on Thursday, October 11, we are now accepting deposits for ZRX on Coinbase Pro! We will accept deposits for at least 12 hours prior to enabling trading. Once sufficient liquidity is established, trading will begin on the ZRX/USD, ZRX/EUR and ZRX/BTC order books. ZRX trading will be accessible for users in most jurisdictions, but will not initially be available for residents of the state of New York.
Please also note that ZRX is not yet available through the coinbase.com website and in the Coinbase iOS and Android apps. We will make a separate announcement when that occurs.
Coinbase has also said that they will be taking precautions to prevent market manipulation and start the trading in four different phases. They may keep the orderbook in one state, in other words, block / stop trading to provide a healthy market environment. The four phases of listing are:
Transfer-only. Starting at 10am PT on Thursday October 11, customers will be able to transfer ZRX into their Coinbase Pro account. Customers will not yet be able to place orders, and no orders will be filled on these order books. Order books will be in transfer-only mode for at least 12 hours.
Post-only. In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one (1) minute. This market state may be kept short or extended to increase market health during launch.
Limit-only. In the third stage, limit orders will start matching but customers will be unable to submit market orders. Order books will be in limit-only mode for a minimum of 10 minutes.
Full trading. In the final stage, full trading services will be available, including limit, market, and stop orders.
This complex listing system will prevent unnatural market activity and prevent market manipulation. Coinbase had received a lot of heat (and lawsuits) for its poor listing process during the BCash (BCH) listing. I assume they don’t want a repeat of that again. But I must say, the new listing system Coinbase adopted is praiseworthy.