On September 14, 2020, Coinbase Pro users will have the option to transfer Loopring (LRC) tokens into their accounts ahead of trading. The exchange has confirmed that support for LRC tokens will be available in all of its supported jurisdictions, except New York State due to regulatory restrictions.
Coinbase noted that “per previous launches, transfers will open during business hours, Pacific time.” The exchange has previously noted that it plans to eventually support trading with over 90% of all cryptocurrencies in circulation, provided that they meet its listing requirements.
As covered, Coinbase Pro has recently listed UMA (UMA), Celo (CGLD), Numeraire (NMR), Band (BAND), Compound (COMP), Maker (MKR) and OmiseGo (OMG). The exchange has also announced support for additional European and UK order books.
On Monday, September 14, Coinbase will start taking inbound transfers of LRC tokens to Coinbase Pro. Trading is expected to begin “on or after 9AM Pacific Time (PT) Tuesday September 15, if liquidity conditions are met.” (Note: for more details on listing requirements for Loopring, check here.)
Loopring trading is only supported on Coinbase Pro (platform for professional traders) for now. It’s not being offered on Coinbase.com or via any other mobile platform.
As noted by Coinbase, Loopring (LRC) is an Ethereum token that supports an audited, open-source, and non-custodial exchange protocol. It has been created to allow users to develop non-custodial, orderbook-based crypto exchanges on the Ethereum (ETH) blockchain by using zero-knowledge proofs (for enhanced privacy and security).
According to Ryan Sean Adams, an Ethereum advocate and founder of Mythos Capital, Loopring is more than just an exchange protocol. He claims it’s “a bankless bank account with an entire playground of money apps.” Adams also notes that it offers “near-zero” gas fees.
As explained in an update by its developers, Loopring is a protocol for building scalable, secure exchanges and payments on Ethereum using zkRollup.
Initially proposed by Barry Whitehat (in 2018) and created with assistance from Matter Labs and Iden3, ZK Rollup serves as a layer-2 scaling solution that allows a single on-chain transaction to validate many different transactions that are stored using side-chains.