Coinbase, one of the largest cryptocurrency exchanges in the world, has been known for being quite picky when it comes to tokens it lists on its platform. As per user requests, this exchange decided to expand its list of tokens and has announced that it will review multiple coins on several occasions throughout 2018.
Recently, Coinbase finally started expanding the list with a new addition — 0x (ZRX). However, multiple other coins still have a chance of being chosen for getting Coinbase’s support. These include Basic Attention Token (BAT), Cardano (ADA), ZCash (ZEC), as well as Stellar Lumens (XLM).
One consequence of a coin getting listed on Coinbase includes something called the Coinbase Effect. This is a term used for coins that usually experience a significant price surge following the announcement that Coinbase will support them. It happened when BCH and ETC joined the exchange, as well as after 0x was chosen.
Ethereum-based coins have the coding advantage?
A lot of investors are still wondering what was it that allowed ZRX to gain support from Coinbase before others. Coinbase even got accused of favoritism due to its choice.
The simple reason is the fact that three out of five 0x project’s advisers have a link to the exchange. While some may consider this a matter worthy of investigation, cryptocurrency industry remains highly unregulated. In short, Coinbase did not break any rules by picking ZRX due to this reason.
While this reason is probably the most influential factor that influenced Coinbase’s decision, there are other, technical reasons why the exchange decided to go for ZRX. For example, ZRX is, as mentioned, an Ethereum-based coin. That makes it easier to integrate onto the platform that already supports not only Ethereum but Ethereum Classic as well.
With this being the case, many have speculated that BAT might be the next coin to gain support since it is also Ethereum-based. This is, of course, still only a speculation, and it will likely just happen if Coinbase keeps choosing coins based on technical point of view.
Considering that BAT experienced a price surge soon after ZRX was selected to join Coinbase, it might seem that a lot of investors managed to connect these same dots and get to the same conclusion.
Can ZCash be the next one?
Many speculate that ZCash might be the next one in line. Even though it is a privacy coin — a type of cryptocurrency that focuses on privacy and security, which is why it is often being frowned upon — ZCash has made a big breakthrough recently.
The coin has just surged by 7.5% in the last 24 hours, and in the process, it overtook the 20th spot on the list of largest cryptos, effectively replacing Dogecoin. Many believe that ZCash experienced this spike due to its future Sapling network upgrade. This is an upgrade that will bring numerous improvements to ZEC’s shielded transactions.
As a result, many expect ZCash to become more dominant among privacy coins, as well as to boost its adoption. With Sapling upgrade, transactions are to become faster but still protected. It will also bring features such as improved keys, and decoupled spend authority.
As mentioned, a recent price surge has brought ZEC to the 19th rank, which is where it currently resides. Unfortunately, the coin is currently trading in the red, with losses of almost 2%. Its current price is at $123 per coin at the time of writing.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…