Tezos is coming to Coinbase Pro, XTZ surges 16.4% 🚨 This article is 5 years old...
Tezos is coming to Coinbase Pro, XTZ surges 16.4%
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Updated: Nov. 7, 2019 at 1:06 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Coinbase announced that it will be listing Tezos on Coinbase Pro. Following the announcement, XTZ jumped 16.4 percent while the altcoin markets overall remained stable.
Tezos (XTZ) is a proof-of-work smart contract platform with built-in features for user governance. Using these governance features, Tezos is attempting to “democratize” protocol upgrades by incenting user participation.
On July 30, 17:00 UTC Coinbase announced that it is adding Tezos to Coinbase Pro, the exchange’s platform for active traders. An hour after the announcement the price shot up from $1.04 to $1.21, a 16.4 percent increase.
At its peak within the hour, the XTZ token wicked to $1.26, a 21.9 percent increase from the formerly stable trading range between $1.00 and $1.04. Meanwhile, the overall altcoin markets were unchanged, only decreasing 0.15 percent—suggesting that the price increase for XTZ was motivated by the news and not broader market movement.
Trading volume is also up substantially, increasing from a 7-day average of $5.6 million based on aggregate CoinMarketCap data to the 24-hour volume of $10.7 million—up 91.1 percent.
Tezos history
The Tezos platform launched with much fanfare, with its initial coin offering in July 2017 raising $232 million, one of the largest ICOs of all time.
Following the ICO a major dispute broke out between Tezos founder Johann Gevers and partners Arthur and Kathleen Breitman—the owners of Tezos’ intellectual property rights.
As a result, the launch of the Tezos platform was delayed indefinitely. Token holders were outraged and many sought legal remedies for reimbursement of their funds, with limited success. The network was launched Sep. 17, 2018.
Trading goes live for the token on Aug. 5, 2019, late standard pacific time.
Tezos Market Data
At the time of press 1:06 pm UTC on Nov. 7, 2019, Tezos is ranked #17 by market cap and the price is up 25.64% over the past 24 hours. Tezos has a market capitalization of $779.61 million with a 24-hour trading volume of $71.46 million. Learn more about Tezos ›
Crypto Market Summary
At the time of press 1:06 pm UTC on Nov. 7, 2019, the total crypto market is valued at at $248.46 billion with a 24-hour volume of $80.44 billion. Bitcoin dominance is currently at 66.93%. Learn more about the crypto market ›
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Tezos
$1.38313
Tezos is a new decentralized blockchain that governs itself by establishing a true digital commonwealth.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Kathleen Breitman co-founded Tezos, a blockchain-based smart contract platform with an on-chain governance mechanism to coordinate and push upgrades to its network.
Arthur was an Associate and Goldman Sachs and later Vice President at Morgan Stanley.