BAT, OMG, MKR, REQ, ZRX and Other Tokens Could Be Listed on Coinbase Through Paradex Acquisition $ZRX

Ethereum based ERC20 tokens like OmiseGO, Basic Attention Token, 0x and Request Network could all soon be integrated with Coinbase, due to the San Francisco based exchange’s acquisition of decentralized exchange Paradex.

Coinbase acquired Paradex on May 23, and the DEX ceased operations shortly after. The exchange unexpectedly came back in full for residents outside the US Saturday, offering 8 ERC20 tokens – namely BAT, MKR, NMR, OMG, REP, REQ, SNT, and ZRX – and feeless trading. Originally, Paradex offered EOS and Spankchain trading alongside these 8 tokens, but they would not pass Coinbase’s guidelines for new listings. The Coinbase Digital Asset Framework requires that tokens listed on the exchange follow strict rules and meet decentralization and usage standards.

The integration of Paradex seems to be a big step in adding ERC20 tokens to the popular exchange, which has been planned since March. In addition, Coinbase is seeking to integrate a DEX into its expanding list of services (which already includes an index fund and custodial services) in order to stay competitive with other exchanges. Bitfinex has been building Ethfinex, a decentralized exchange built on Ethereum, for quite some time, and Huobi has shown interest in moving many of its operations to Hadax, their own decentralized exchange. Decentralized exchanges are becoming more popular as issues with exchange hacks become a bigger issue, with events like the Bitgrail hack and more recent Coinrail hack.

Upon acquisition, Coinbase said that they plan to roll out Paradex to non-US Coinbase Pro (formerly GDAX) users within the coming weeks, likely in its current state but integrated into the exchange’s infrastructure. In addition, Coinbase has said that they are pushing for permission to run Paradex in the United States from the government. Based off what the exchange has done previously in listing new assets such as Bitcoin Cash, it can be expected that any tokens offered through Coinbase Pro would soon be available for purchase by standard Coinbase users as well.

Be the first to comment

Leave a Reply

Your email address will not be published.


*