0x (ZRX) price is among the few coins in the market that are showing double-digit gains on Thursday. The market has been highly bearish since the beginning with most of the coins and altcoins canceling the gains that had been accrued over the month of April and the beginning of May. Bitcoin has dropped 4.36% in the last 24 hours and is exchanging at $7,603 at the time of writing. Almost all the top 20 coins are showing considerable declines. 0x (ZRX) is trading at $1.30 and is up 12.5%, besides its trading volume is $120 million and its market capitalization stands at $689,664,193.
0x (ZRX) is a platform that is open-source and is built to provide decentralized exchange services to ERC20 tokens across the world. The protocol is developed on Ethereum smart contracts and permits running of decentralized exchanges. Ethereum built tokens continue to increase from all corners of the world, and 0X team made it their mission to create a system and platform that will allow the exchange of these tokens. ZRX is neither a decentralized nor a centralized exchange, however, it uses the best features from the two to come up with one of the best platforms.
0x project was built to improve the services offered by the decentralized exchanges while at the same time, appreciating the same exchanges. It eliminates the inefficiencies associated with decentralized exchanges. The platform allows the addition of game items, stocks even gold as well as fiat. All the tokes being created require the services of a trustless exchange and this where the team saw the opportunity.
CNBC reported on May 23 that Coinbase crypto exchange had acquired Paradex. It is a platform has been designed to enable the trading of digital assets directly. Coinbase said that they were going to improve on the technology before launching it officially. Paradex will be available for trading ‘hundreds of tokens” but only to customers outside of the United States.
The details of the acquisition were not made public. Paradex employs 10 people, besides it does not maintain custody of the digital assets for the customers. It gives them the opportunity to exchange them via digital wallets. This new venture could allow Coinbase to expand the number of tradable assets on its platform. Coinbase has been very conservative on the new coin listing unlike the competitors like Binance. Coinbase has only listed for cryptocurrencies to its platform; Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH)
There are over 1,600 tokens that have been launched mainly through Initial Coin Offerings (ICOs). Coinbase and other US-based exchanges are careful not to add assets that could be considered unregistered tokens by the regulators requiring the exchanges to seek for licenses in the country. However, with Paradex, Coinbase could expand its scope.
Paradex already offers trading for 0x (ZRX) which could mean that Coinbase would soon add this asset after the official launch. The listing would expose ZRX to a wider market, besides Coinbase has a very good reputation as an exchange. Therefore, investors are bound to seek services from Coinbase and in turn, increasing the demand for the token. The trading volume and even the market capitalization would be on the rise not to mention the direct effect on the price. 0x (ZRX) has a lot to gain from the new venture at Coinbase and it is a matter of time as we all wait eagerly for the launch.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.