Cryptocurrency exchange Coinbase announced that it will soon add Tezos (XTZ) to its Pro platform. According to the announcement all the pro users of the exchange in all the jurisdictions that they support apart from New York can now start trading XTZ versus Bitcoin and the US dollar as from August 5.
Tezos to roll out in phases
A statement from the company indicated that the roll out is expected to be carried out in four phases. The first phase will be the ‘transfer only mode’ in which for the first 12 hours the Coinbase Pro customers will not be in a position to fill and place orders. After that users should expect an increase in trading immediately after they go live with XTZ. The second phase is the ‘post only’ stage which allows customers to post limit orders that are unfulfilled. The ‘Limit only’ phase will be the third and although the limit orders will begin to match customers will still be unable to place market orders
After establishing enough supply of XTZ on the platform then the next phase of trading XTZ/BTC and XTZ/USD will commence. The movement from the transfer to mode to full trading can only be undertaken once the platform’s full metrics are met.
Controversy regarding Tezos
Tezos which was launched in September last year gives its stakeholders the opportunity to vote on-chain recommended updates. On March Coinbase Custody which is an affiliate of Coinbase added Tezos to its platform. The move was however opposed by those against the voting rights extension to custodial holders. Tezos is construed as a controversial token and it is embroiled in class-action legal suits by investors who claim that it is a security and thus needs to be regulated as one.
Besides Tezos, Coinbase has made a number of additions to its platform which include for retail and pro customers. The additions include EOS, Chainlink, Dogecoin, Ripple’s XRP and stablecoin DAI.
Tezos soared as much as 25% this after the news. At the time of writing, XTZ is trading higher at $1.26, up by 2%. Tezos has a market capitalization of $835.75 million. Over the past 52-week, XTZ has been moving within a range of $0.314 to $1.98. Follow below to stay up to date on Tezos and other fast moving cryptos.