Tezos Fans Can Rejoice: XTZ Is Launching on Coinbase Pro

Coinbase announced on Tuesday (July 30) that Tezos (XTZ) will soon be listed on Coinbase Pro, Coinbase's crypto trading platform for experienced/professional traders/investors.

From Monday (August 5), it will be possible to transfer your XTZ into your Coinbase Pro account. Deposits will be accepted "for at least 12 hours prior to enabling full trading."

Coinbase's blog post says that after a "sufficient supply of XTZ is established on the platform, trading on the XTZ/USD, and XTZ/BTC order books will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met." 

XTZ is initially supported in all jurisdictions where Coinbase is available, but not in New York state. 

As usual, Coinbase wants to test the waters first by making XTZ only available on Coinbase Pro at the start, but if everything goes according to plan, we are likely to see XTZ on Coinbase Consumer (Coinbase.com) and on Coinbase's mobile apps within the next few days/weeks.

It is also worth rembering that on March 29, Coinbase Custody announced that it was launching staking support for Tezos. 

The Tezos white paper says that Tezos is "a generic and self-amending crypto-ledger," and that "Tezos can instantiate any blockchain based ledger." 

Here is some of what Binance Info has to say about Tezos:

  • "Tezos completed one of the largest ICOs of 2017 raising almost $232m in one day."
  • "The consensus algorithm on Tezos is Delegated Proof of Stake (dPoS) which will help with the governance structure of the blockchain."
  • "The decentralised governance of the Tezos blockchain will allow anybody to propose protocol upgrades."

And here is how Spencer Noon, an investor at DTC Capital, a crypto-focused investment firm, recently expressed his appreciation for Tezos on Twitter:

Noon had this to say about the upcoming launch of XTZ on Coinbase Pro:

Shortly after Coinbase made its announcement, i.e. around 17:00 UTC, the XTZ price started climbing. 

At press time (18:25 UTC), according to CryptoCompare, XTZ is trading at $1.221, up 20.89% in the past 24-hour period:

XTZ-USD 24 Hour CC Chart on 30 July 2019.png

In other words, the "Coinbase Effect" seems to be back!

Featured Image Courtesy of Coinbase