Coinbase Announces Support for Three Ethereum (ETH) Altcoins, Sparking Multiple Crypto Rally
Crypto exchange Coinbase has announced support for three Ethereum (ETH)-based altcoins as the digital asset market faces ongoing downward pressure.
According to an announcement from Coinbase, it is add decentralized exchange (DEX) protocol Injective (INJ), retail business-focused Pundi X (PUNDIX), and non-fungible token (NFT) platform XMON (XMON) to its trading list when ideal liquidity conditions are met.
All three cryptoassets were included in Coinbase’s latest listing roadmap update earlier this month, which it created as a way to increase transparency and eliminate the potential for insider trading.
Following the announcement, each altcoin staged modest rallies before consolidating or correcting down with the overall crypto markets.
INJ managed a 9.42% rally before falling back down and is now priced at $1.55 with a market cap of $121 million. PUNDIX launched a hefty 30% rally from $0.46 up to $0.60, and is now trading hands at $0.53 with a market cap of $138 million, while XMON traded mostly flat, jumping around 3% before correcting.
Last month, Coinbase CEO Brian Armstrong said the exchange’s ultimate goal was to list as many cryptoassets as possible, as long as they meet certain criteria for safety and legitimacy.
“It’s kind of like Amazon or something like that where a product might have three stars or it might have five stars, but if it starts getting one star consistently, it’s probably fraudulent or defective or something, and maybe Amazon will remove it. Otherwise do you want to let the market decide what these things are…
My belief is that there are going to be millions of these assets over time, and so I hope it doesn’t make news every time we add one in the future, really.”
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Featured image: Shutterstock/ValDan22/Nikelser Kate
