Photos and videos claiming the existence of a 0x (ZRX) wallet listed in a Coinbase suboption have surfaced, creating some buzz that the decentralized app (dApp) protocol would be the next to get listed on the popular cryptocurrency exchange.
The price moved with the news, giving 0x a 20 percent boost in market price.
Just Another Coinbase Rumor?
According to a Reddit post made on October 7, a suboption of the tools tab on the Coinbase website features an option — or used feature an option — for a cost basis for taxes report linked with a 0x (ZRX) wallet option. Many of the comments that followed called out the photo for being easily faked. However, other comments poured in and new posts were made by users who got the same results. The 0x wallet option was only available on Coinbase’s mobile website and wouldn’t work on the desktop version or Coinbase mobile app.
0x is a platform for decentralized applications (dApps) built on the Ethereum blockchain. If the rumors are true, 0x (ZRX) would be the first ERC20 token to ever be listed on Coinbase.
The 0x wallet option seems to have been removed at the time of writing this article, as multiple Reddit users who could access the option before are no longer able to.
The Coinbase Effect
This certainly is not the first time that rumors of a new altcoin listing on Coinbase — one of the most popular places to buy or sell bitcoin in the United States and around the world — have caused an uproar in the cryptocurrency community. Last December, the Coinbase team felt some backlash after a staff member leaked information about listing Bitcoin Cash, which ultimately led to accusations of insider trading. Shortly after the Bitcoin Cash (BCH) debacle, rumors that Ripple would soon be added to the platform caused a huge spike in price amid the end of the 2017 bull run, taking the price from $0.25 to briefly over $3.00. The popular bitcoin trading and bitcoin exchange platform also announced that it would be listing Ethereum Classic (ETC) in June. Following the news, the price reacted, resulting in a 43 percent increase in market price. The Coinbase effect can be attributed to a variety of mainstream-friendly features. Users may buy digital currency with debit cards, view price charts, and store their holdings in their exchange wallet. The platform currently offers Bitcoin, Bitcoin Cash, Ethereum Classic, Ethereum, and Litecoin trading for users with a Coinbase account. Users may also cash out using a linked bank account, making the platform particularly user-friendly for mainstream cryptocurrency buyers. 0x (ZRX) got a taste of the Coinbase effect in the past two days gaining 20 percent, although — at the time of writing — buying power has lost steam and pulled back from $0.79 to $0.74 per token. Do you think 0x will be the next to get listed on Coinbase? Let us know your thoughts in the comments below!
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Kyle Baird
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.
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