Top US-based crypto exchange platform Coinbase is adding a little-known altcoin to its listing roadmap in anticipation of a future listing.
Coinbase announced via Twitter on Wednesday that Axelar (AXL) is now officially being considered by the exchange for trading services.
Axelar aims to deliver secure cross-chain communication for Web3 so that decentralized application (DApp) users can interact with different assets or applications on any blockchain.
According to Axelar’s website, the project is backed by Coinbase Ventures, Coinbase’s venture capital arm. It also has support from industry heavyweights like Binance, Galaxy Digital and Polychain Capital.
In October, Coinbase added support for the wrapped version of AXL (WAXL), which is an ERC-20 token tied to the price of AXL that allows users to use the token on the Ethereum (ETH) network.
AXL is trading at $0.530 at time of writing. The listing roadmap announcement appeared to impact Axelar’s price: the 380th-ranked crypto asset by market cap surged by 12.68% in the past 24 hours while most of the crypto market went in the red over that same time period.
Despite the price gains, AXL remains nearly 54% down from its all-time high of $1.15, which it hit this September.
Coinbase created the listing roadmap earlier this year to increase transparency and reduce the possibility of front-running their listing announcements.
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