Coinbase Adds Tezos (XTZ) But Trading Not Available in New York

August 13, 2019 / by Crypto.IQ

San Francisco-based top crypto exchange Coinbase now supports Tezos (XTZ) on its platform. The company announced in an official post released on Thursday. For the first time ever, Tezos (XTZ) trading was live on Coinbase.com and on Coinbase Android and Apple applications.

The Twitter announcement read:

“Tezos (XTZ) now goes live at https://t.co/bCG11KveHS and in the Coinbase Android and Apple apps. Coinbase customers can now log in to sell, buy, convert, receive, send, or store XTZ.”

— Coinbase (@coinbase) 8th of August, 2019

Customers in all Coinbase-supported areas will now be able to buy, sell, send, receive, convert, or store the newly added cryptocurrency. The blog, however, stated that Tezos trading is not going to be available in New York state, likely due to regulatory difficulties with New York’s BitLicense.

Tezos was trading up over 20% after the announcement, but has since settled back down to its previous range. There had been anticipation of the announcement since Tezos was added to the Coinbase Pro platform in previous days. 

In September of 2018, Coinbase devised a new strategy to accelerate the incorporation of more cryptocurrencies that are compliant with local regulation on its platform. It is also seen as a direct competitive move with regards to Binance, which is offloading US users from its global exchange. When Binance will announce its new US exchange is unclear, but Coinbase has been expanding its options for US users in the meantime. 

The Coinbase blog post added that Coinbase is also investing in new tools that will help people “understand and explore cryptocurrencies.” This is likely a reference to expanding its Coinbase Earn program.