Coinbase Lists Algorand Due To Customer Demand; ALGO’s Price Jumps 32%
An official post on the Coinbase blog confirms the listing of Algorand (ALGO), a blockchain focusing on providing sustainable blockchain infrastructure. Users on the most significant U.S. crypto exchange will now be able to trade, buy, and sell ALGO on the web version and Coinbase app, the further post states. The statement reads,
“Coinbase customers can now buy, sell, convert, send, receive, or store ALGO. ALGO is available in all Coinbase-supported regions.”
The Algorand-Coinbase connection has been cultivated since August last year when ALGO gained listing on Coinbase Pro, the institutional-grade arm of the exchange. The exchange will start offering EUR and GBP trading on the ALGO pair starting July 21st this year. Notwithstanding, the 40th largest token in the market cap also gained admission in the assets pool of Coinbase Custody earlier in the year.
Launched in June 2019 by Silvio Micali, Algorand aims at solving the blockchain trilemma problem by offering a decentralized, scalable, and highly secure blockchain infrastructure. In a statement on the listing on their Twitter account, Algorand Foundation wrote:
“The Algorand ecosystem keeps growing, as more people in the crypto community realize the scale of innovation that can be built on Algorand today!! Thanks to @coinbase for the support.”
Cardano Founder and IOHK CEO, Charles Hoskinson passed his congratulations to the ALGO project. Cardano's ADA, which is launching its Shelley mainnet release at the end of the month, is still waiting for its chance to be listed on Coinbase. He wrote:
Congratulations guys. Really proud of you @silviomicali
— Charles Hoskinson (@IOHK_Charles) July 17, 2020
According to Coinbase’s statement, it is the demand from customers that led to the listing of ALGO on the web, Android, and iOS versions. It reads,
“One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase.”
Shortly after the news went public, Algorand's ALGO token followed the trends of ‘Coinbase Effect‘ and started to jump in typical fashion. At the time of publication, ALGO is priced at $.363, a jump of 32% in the last 24 hours with a real volume of $$142,321,767.