Coinbase announces support for three Ethereum (ETH) altcoins, sparking several cryptocurrency rallies
Cryptocurrency exchange Coinbase has announced support for three Ethereum-based altcoins (ETH) as the digital asset market faces continued downward pressure.
According to an announcement from Coinbase, they are adding retail-focused decentralized exchange (DEX) protocol Injective (INJ), Pundi X (PUNDIX), and non-fungible token (NFT) platform XMON to your transaction list some were once ideal liquidity conditions are met.
All three crypto assets were included in Coinbase's latest update to its listing roadmap earlier this month, created as a way to increase transparency and eliminate the potential for insider trading.
Following the announcement, each altcoin rallied slightly before consolidating or correcting with the broader crypto markets.
INJ rallied 9.42% before falling back and is currently priced at $1.55 with a market cap of $121 million. PUNDIX started a massive 30% rally from $0.46 to $0.60 and is currently changing hands at $0.53 with a market cap of $138 million, while XMON trades almost unchanged, up about 3% before adjustment.
Last month, Coinbase CEO Brian Armstrong said the exchange's ultimate goal is to list as many crypto assets as possible, as long as they meet certain criteria for security and integrity legal.
“It's like Amazon or something, where a product can get three stars or five stars, but if it starts getting one star continuously, it's probably cheating or faulty or something and maybe Amazon will take it down. Otherwise, you'll want to let the market decide what these are...
I believe there will be millions of these assets over time, so hopefully it won't be news every time we add one in the future, basically."
Sep 21, 2022