Crypto Exchange Coinbase Adds Support for Two Little-Known Altcoins Built on Ethereum As Market Falls
The largest crypto exchange platform in the US has just rolled out support for two under-the-radar altcoins built on top smart contract platform Ethereum (ETH).
In a new one announcementCoinbase says it will launch trading for NFT-focused SuperRare (RARE) and food supply chain platform TE-FOOD (TONE) on Tuesday once liquidity conditions are met.
SuperRare is an exclusive crypto art marketplace that showcases a curated selection of digital artwork from high profile NFT artists and creators. The marketplace began as a centralized platform until last year when it introduced RARE, its governance token, and became a decentralized autonomous organization (DAO).
Following the Coinbase announcement, RARE bounced 37% in a rush before giving up most of its gains as the overall crypto markets also slumped.
At the time of writing, RARE is trading at $0.30 with a market capitalization of just over $45 million.
TE-FOOD is a supply chain management system aimed at emerging markets, integrating companies, consumers and authorities from the food industry into its platform. It claims to serve over 6,000 customers and handles 400,000 transactions per day.
With a market capitalization of just $18 million, TONE, the project’s native ERC-20 token, is trading at $0.03 at the time of writing.
Both TONE and RARE receive Coinbase’s “Experimental Asset” label as currency reserves for cryptocurrencies that are new to the platform or with relatively low volume compared to other coins on the market.
Last week, Coinbase CEO Brian Armstrong said the exchange aimed to position itself to list as many cryptocurrencies as possible, as long as they are not fraudulent or dangerous. He also pointed out that a listing from Coinbase does not necessarily mean an endorsement of the asset, similar to Amazon and its vast product offering.
“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.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Agor2012/LongQuattro
