Filecoin (FIL) Continues Strong Year With Coinbase Pro Listing; Trading Starts Dec. 9th
Coinbase Pro has announced the listing of Filecoin (FIL), the decentralized storage network popularly known as the blockchain version of Dropbox.
The San Francisco-based exchange explained that it would begin listing the asset and accepting FIL tokens' transfers on the Pro platform.
New Ground to Break
Coinbase Pro would open trading for the asset from December 9 as long as it manages to meet its liquidity conditions. Trading will ideally launch in three phases; post-only, limit-only, and full trading. Each phase carries its order book requirement.
Filecoin is a decentralized network developed by Protocol Labs that allows users to trade unused storage on the network using its digital token FIL. FIL won't be available on Coinbase's main platform or mobile apps for now, with the exception of Coinbase Custody. Any developments on that end will come with a separate announcement.
Filecoin has had an exciting year. The asset launched its Initial Coin Offering (ICO) in 2017 but was unable to gain much traction from crypto exchanges then. Three years after, things changed for the better following listings on several exchanges. Although there was some controversy with the potential for a miner strike shortly after mainnet, it was quickly thwarted with a network upgrade. Names like FTX, Binance, and the Gemini exchange (which also developed a wrapped version called wFIL) all announced listings for the asset, and it has continued to soar since then.
At press time, the asset is currently trading at $30.21, following a 2.05% increase, according to data from Coinmarketcap. While that might seem modest, its market cap has been even more impressive, rising from $405.9 million to $1.355 billion.
FIL also saw some significant gains from its Coinbase Pro listing. Historically, the development is a catalyst for significant price jumps, with names like Celo, Numeraire, and Band Protocol posting gains of 32%, 150%, and 250% within days of their announcement on the platform this year.
Following the Coinbase Pro listing, FIL jumped 6%. It is expected that the asset could see more gains in the coming days.
Launching an Incubation Center
Beyond asset prices, Filecoin is also making waves in the development space. As the Coinbase Pro announcement pointed out, the Filecoin network functions as a decentralized network aiming to democratize information storage and hoisting.
Last week, the network's developers announced a partnership with the Huobi Group. Per a press release, the partnership will see both firms – as well as Protocol Labs – launch the Huobi Filecoin Incubation Center.
The Huobi Group has committed $10 million to the incubation enter, which will focus on incubation, investment, and community development.
The funds will also be applied to supporting promising developers in the Filecoin ecosystem. It represents Huobi and Protocol Labs' belief that Filecoin will help build the next evolution of the internet – where users can access an equitable file storage system.
“We believe that Filecoin would be the infrastructure for the next generation of internet. In this new age of information, we need to develop new ways to protect, store, and exchange our data, which could be crucial for how society and the world could be defined and developed,” said Sharlyn Wu, Huobi's chief executive.