Coinbase Gives Surprise Support to Two Altcoins Built on Ethereum, Triggering Price Spike
A pair of altcoins that prioritize decentralization are joining top US crypto exchange Coinbase’s roster of crypto assets.
In an announcement, Coinbase says BitDAO (BIT) will start trading on Coinbase Pro paired with Tether (USDT) once appropriate liquidity conditions are met.
Coinbase will add support for BitDAO (BIT) & Coin98 (C98) on the ETH network (ERC-20 token). Do not send this asset over other networks or your funds may be lost. Inbound transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported pic.twitter.com/JDfbroiMXf
— Coinbase Assets (@CoinbaseAssets) June 6, 2022
BitDAO is a decentralized autonomous organization (DAO) aiming to promote Web 3.0. Its governance token BIT is built on Ethereum (ETH) and enables users to make proposals and vote.
According to the project website,
“BitDAO is a collective of builders and stakeholders enabling mutually beneficial Web3 ecosystems of people, products and public goods.”
Whereas some blockchain-based businesses cater to narrow niches, BitDAO aims to empower numerous industries including education, media, the arts, finance and gaming. BitDAO seeks to foster what it calls “an ecosystem of Autonomous Entities (AEs) with a shared vision for the future.”
Project partners include Bybit, Peter Thiel, Dragonfly Capital and Alameda Research.
BitDAO is currently down 1.31% and priced at $0.56. Just a week ago BitDAO was trading above $0.75.
Also joining the Coinbase trading roster is Coin98 (C98), a self-described “all-in-one” decentralized finance (DeFi) platform where users can swap, stake, borrow, lend and earn crypto rewards.
The project’s decentralized exchange (DEX) allows participants to swap tokens across a number of different chains including Ethereum, Binance Smart Chain (BSC) and Solana (SOL).
Other Coin98 products and features include a crypto wallet and portfolio tracker, plus users can issue their own custom tokens.
The project features Coin98 Labs and Coin98 Ventures as part of its larger mission to fund and develop the broader DeFi ecosystem.
News of the Coinbase listing initially sent Coin98 vertical by 19%, rising from $0.63 to $0.75.
C98 has since corrected slightly, down 4.13% and changing hands for $0.70.
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