The Basic Attention Token (BAT) has been listed on Coinbase Pro and the price has responded accordingly, rising 17% over the past 24 hours. It is currently priced at $0.3058.
BAT is the second of the five tokens that Coinbase said back in July it had its eye on as possible listings.
The five tokens are: Cardano, Basic Attention Token, Stellar Lumens, Zcash, and 0x. The last of those has been listed on Coinbase, but interestingly not on Coinbase Pro.
0x (ZRX) – a protocol for decentralised exchanges (DEXs) built on top of Ethereum – is the 24th-placed token with a market cap of $439 million and is priced at $0.80.
BAT is the 30th-ranked with a market cap of $306 million and is the native token of the Brave browser.
Both tokens are ERC20-compliant.
BAT is launching on Coinbase Pro! Starting at 1pm PT today, customers can transfer BAT into their Coinbase Pro account. Traders can deposit BAT, but cannot place or fill orders. Order books will remain in transfer-only mode for at least 12 hours. https://t.co/31wbi09uyx pic.twitter.com/2YC7xtOjuI
— Coinbase Pro (@CoinbasePro) November 2, 2018
Coinbase has just completed a Series E funding round in which it raised $300 million. The company is now valued at $8 billion. Announcing that news, Coinbase said it would “accelerate” ecosystem development and token listings.
Why is BAT on Coinbase Pro and 0x listed on the consumer-facing site?
Comparing the two crypto assets, the listing decisions appear to be back to front. Why do we say that?
Well, the consumer-facing token with much higher brand recognition is BAT. As such it would have surely made more sense to list it on Coinbase as opposed to the sister Pro exchange, the latter positioned as it is for advanced traders.
Perhaps the idea is that coins will be listed on Pro first and when the liquidity has built up sufficiently, then moved over to the main Coinbase exchange.
But if that’s the case, why did 0x go straight to Coinbase, missing out the Pro step? There is a four-step process before trading begins in BAT (see screenshot below):
0x and the Andreessen Horowitz connection
There are those who point to the close relationship between Andreessen Horowitz (AH) which is an adviser to Coinbase. In turn it is also an investor in Polychain and Scalar Capital which both invest in 0x and whose founders are past employees of Coinbase. AH invests in Polychain and Scalar, which both invest in 0x.
BAT powers a living product – a browser that is much more than just an adblocker. It hold out the possibility of shaking up the publishing industry with new approach to advertising and privacy.
Verified sites such as this one can receive tips from grateful visitors (thanks) when using the Brave browser and consumers can get paid for viewing ads (this feature is coming soon).
The same cannot be said for 0x, although we are happy to admit that this could change in the future.
But we are skeptics when it comes to DEXs. The problem with them is precisely because they are decentralised. Who is going to put in the time and effort into maintaining them?
Which token is next for Coinbase?
So which coin is next? Give the adoption progress being made by Stellar Lumens (XLM), it may be the next in line for the Coinbase treatment. XLM is up 3.8%, perhaps on hopes that it is next.
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK’s second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane