Coinbase Pro Welcomes Tezos (XTZ) to Platform, Enabling Full Trading with USD and BTC Pairs
- Coinbase Pro will accept incoming XTZ transfers on August 5th.
- In the last 24 hours, the price of the Tezos token has risen by over 20%.
Coinbase Pro has consistently worked to make sure that consumers have a wide variety of options for trading, adding new tokens to their platform relatively frequently. According to a new blog post from Coinbase, the platform has decided to add XTZ, the cryptocurrency asset from Tezos.
However, the inbound transfers of this token are not going to be accepted until August 5th, and the company states that the deposits will be available for a minimum of 12 hours before full trading is enabled.
Whenever Coinbase adds a new token, they offer this period of incoming-only transactions to establish a sufficient supply of the asset for trading. The orderbooks for XTZ/USD and XTZ/BTC will be started in phases, allowing for full trading when the “metrics for a healthy market” are met.
The only state that will not immediately offer support for XTZ is New York, though other jurisdictions may be added later.
Tezos offers proof of stake consensus on its decentralized computing platform. It also allows developers to verify code accuracy with formal verification, and the stakeholders have control over changes to the protocol with voting protocols.
There are four phases that Tezos will go through, just like every other cryptocurrency that is added to Coinbase Pro. Those phases are:
- Transfer only, which allows customers to add XTZ to their accounts, but they will not be able to perform any other functions yet.
- Post only, which lets customers post orders, but nothing will be completed. However, these orderbooks will only be in this phase for about a minute.
- Limit only, which will start matching orders, but market orders cannot be submitted. The minimum time in this phase will be 10 minutes.
- Full trading, which includes all orders and all transactions.
Previously, newly added tokens on the Coinbase Pro platform would experience a jump in value around the time of the launch. Presently, the XTZ token is priced at $1.24, rising by 22.28% in the last 24 hours.
A separate announcement by Coinbase will be published if XTZ is added to Coinbase.com or the consumer mobile apps. This addition will only include Coinbase Pro.