Coinbase Pro to Enable Tezos Trading

Inbound transfers of Tezos will be supported 12 hours ahead of full functionality on Monday, August 5.

AccessTimeIconJul 30, 2019 at 11:00 p.m. UTC
Updated Sep 13, 2021 at 11:15 a.m. UTC

Coinbase Pro announced the coming addition of the proof-of-stake and democratically-governed Tezos blockchain to its institutional trading platform.

Tezos

(XTZ), a multi-million dollar blockchain that officially launched in September 2018, offers the opportunity for its stakeholders to vote on-chain on proposed upgrades. When Tezos was added to another Coinbase affiliate, Coinbase Custody, in March, the move was contested by those who opposed the extension of voting rights to custodial token holders.

It is unclear whether Coinbase Pro will offer “self-amending” duties to users of its platform.

screen-shot-2019-07-30-at-7-03-16-pm

Before trading is activated, Coinbase Pro must build reserves of the coins in trading pairs with BTC and USD. Beginning on Monday, August 5, the firm will accept inbound transfers of XTZ 12 hours in advance of launch, according to a company blog post.

“Once 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,” the company states.

Similar to onboarding other digital assets to the trading platform, Coinbase expects to move through four stages before tezos functionality is fully operational.

The first is “Transfer-only," when orderbooks will only support incoming coins. Once a reserve is established, the platform will enter into the minute-long “Post only” phase, where users will be able to post limit orders that will remain unfulfilled. Third is “Limit-only” in which “limit orders will start matching but customers are unable to submit market orders.”

After these embryonic stages, full trading will be enabled. Importantly, Tezos will not be available on Coinbase itself. Tezos held a $232 million initial coin offering (ICO) in 2017, one of the largest funding events at the time.

Last month, Coinbase Pro added trading Chainlink, the company expects to roll out additional digital assets.

Tezos logo via the CoinDesk archive

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Read more about