Is This the New Coin to be Listed on Coinbase?
US-based cryptocurrency exchange Coinbase has been on an altcoin listing spree. And the Coinbase listings have shown to have a positive impact on the price of the digital asset immediately following the announcement.
Given that Coinbase remains the most substantial “retail” onramp, it makes sense that a Coinbase listing will affect the asset prices.
According to a Coin Metrics report, the appreciation in the asset’s price is influenced by the market conditions — a bear market; a flat, choppy market; and the euphoric ‘melt-up’ market.
Currently, we are in the last one, which means the listings this year have a lot to gain.
So, who’s going to be next?
Coinbase’s investment arm Coinbase Ventures has recently made an investment into a crypto project. Yesterday, the Graph closed a $5 million SAFT (Simple Agreement for Future Tokens) fundraise from Framework, Multicoin Capital, ParaFi Capital, Digital Currency Group including Coinbase Ventures, and more.
Interestingly, Coinbase’s latest addition COMP is the governance token for the project Compound Protocol, which is backed by Coinbase Ventures. This listing was also one of the fastest listings by the exchange ever since the launch of a digital asset.
The Graph has raised funds to build the Web3 query layer that brings its total funding to date to $7.5 million, having raised a $2.5 million seed round led by Multicoin in January 2019.
The project is also planning to follow a similar path as the Compound as it’s model is “a really good route, in general.”
“The funding raise and future token launch is taking a similar approach to Compound – build a platform with a central team of developers and gradually decentralize,” notes Messari. The token is also intended to enable governance features.
Although the 18 coins announced by Coinbase earlier this month that it is exploring for listing doesn't involve the Graph, for obvious reasons, it wouldn’t be a surprise if it does make it on Coinbase soon after the launch.