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    Coinbase Pro To List Algorand On Its Trading Platform On Wednesday; ALGO Pump To Follow?

    Algorand is the brainchild of a Turing award winner named Silvio Micali. He is a professor at the Massachusetts Institute of Technology (MIT) and is a great believer in the power of blockchain technology (especially in relation to user privacy and security).

    • The Algorand project came into existence back in June. Through its various fundraising activities, the project’s principal foundation was able to raise a total of $126 million.
    • It is being reported that the foundation is looking to increase Algos’ overall market capitalization to around the $24 billion mark over the next few years.

    As per an all new blog-post released on the official Coinbase website, the premier cryptocurrency exchange is going to be adding Algorand protocol’s eponymous token — ALGO — to its Coinbase Pro platform on the 14th of August. Additionally, it also bears mentioning that the exchange will scale up to support full-scale ALGO trading using the following four steps:

    • Transfer-only
    • Post-only
    • Limit-only
    • Full trading

    A closer look at the above linked announcement also shows us that Coinbase will also be making use of certain other common procedures to add the new token to its platform — such as announcing ALGOs various on boarding phases as they occur on Twitter.

    For those of our readers who may not be aware of what Algorand is, it is essentially a cryptocurrency that seeks to address some of the decentralization, scalability and security related issues that are currently plaguing the global blockchain ecosystem.

    The Algorand platform was released a couple of months back (June to be exact) and it makes use of a permissionless, proof-of-stake protocol.

    Through its initial fundraiser, the Algorand Foundation was able to raise a whopping sum of $60 million (primarily via token sales). Additionally, the organization was able to raise an additional $66 million over the past year through investments from a number of established VC firms.

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    Avatar
    Shiraz J
    Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    1 COMMENT

    1. Algo currently has 244m tokens in circulating supply. This will go up to 10bn over the next 5 years. The token is overbought and from here on the price will likely collapse to under 20 cents a token.

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