- 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:
- 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.