ZRX is launching on Coinbase Pro! The ZRX/USD, ZRX/BTC, and ZRX/EUR order books have entered transfer-only mode. Traders can deposit ZRX, but cannot yet place or fill orders. Order books will remain in transfer-only mode for at least 12 hours. https://t.co/SomOUqoXhv
— Coinbase Pro (@CoinbasePro) October 11, 2018
Farmer said Coinbase Pro began accepting deposits for ZRX at 10 a.m. PST, Thursday, Oct. 11, and will continue to do so for at least 12 hours prior to enabling trading on the platform, however, residents of New York will not be able to immediately utilize the new addition:
“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.”
The implementation of ZRX will be carried out in four stages, for three different order books: ZRX/USD, ZRX/EUR, and ZRX/BTC. Farmer said that Coinbase will monitor these books and if they do not meet Coinbase’s trading requirements, they could be kept in a certain stage for longer. Coinbase will live-tweet each phase as it moves through.
Currently, all three order books are in phase one: the transfer-only phase. They’ll remain there for at least the next 12 hours, and Coinbase Pro customers won’t be able to place orders. Then, the books will be moved through the other phases.
Phase two will be the “post only” phase, allowing users to post orders without those orders being filled yet. Farmer says books will be kept in this state for a minimum of one minute, though that could be extended for a longer period.
Next will be limit only, here limit orders will start being matched and require Coinbase customers to submit market orders. This phase will last at least ten minutes. After that, all books will be moved to the final phase where full trading will become available.
This four-stage process is part of Coinbase’s new method of listing assets
, as announced last month. The company notes that the new requirements, which include announcements of asset additions at or near the time they launch, are an attempt to meet legal requirements while still getting new assets online quickly.
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