Coinbase Expands Trading Options for Several Ethereum-Based Altcoins

By October 9, 2021DeFi
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Compatibility for three Ethereum-based cryptocurrencies is being expanded across the full trading system of Coinbase, a cryptocurrency exchange located in the United States. As announced in a new blog post, Coinbase has made it possible to purchase the governance token Function X (FX), which is intended to power a cross-chain platform for autonomous applications and banking. The token may be acquired on Coinbase.com as well as the exchange’s phone applications.

As per CoinGecko, the price of Function X is $1.24 at the time of writing, representing an increase of 83 percent over the previous week. The cryptocurrency asset, on the other hand, has dropped by more than 11 percent in the last day. Furthermore, Wrapped Centrifuge (WCFG), a token whose value is tied to the price of Centrifuge (CFG), is now accessible on the exchange’s website and mobile applications. Centrifuge is a decentralized finance (DeFi) platform designed to free up liquidity and enable users to finance the acquisition of real-world goods by leveraging cryptocurrency and blockchain technology.

Wrapped Centrifuge is moving at $1.68 at the time of posting, down 10% from its previous day’s close and 9.6% from its previous week’s close. Extra support for the crypto asset Jasmy (JASMY) is being expanded by Coinbase, which is working on developing autonomous IoT (Internet of Things) platforms using blockchain technology, according to a press release.

Jasmy is now going at $0.054329 at the time of posting, representing a gain of 199.4 percent over the previous seven days. Nevertheless, the digital asset has experienced an almost 13 percent retracement in the last day. Coinbase Pro added these three tokens, as well as the Ethereum-based tBTC (TBTC), to its list of supported coins earlier this week.

Coinbase Adds Ethereum-Based Altcoins, Sparking Huge Rallies

Coinbase is introducing four new cryptocurrencies to its armory, causing dramatic price surges. The Ethereum-based (ETH) governance currency Function X (FX) is the first entry to Coinbase Pro. Users can wager FX to receive incentives and influence on the network’s destiny. The coin can also be used to purchase contracts and data management.

Coinbase’s statement drives up the cost of FX. According to CoinGecko, the token rose from $0.67 to $1.86 in just 24 hours after the announcement, a 177% increase. Jasmy (JASMY), based on the Ethereum network, is the second coin to join Coinbase Pro.

Jasmy intends to use blockchain to build autonomous IoT systems. The coin can be used to buy network services and lower transaction costs across gadgets. In the 24 hours following the announcement, JASMY rose from $0.017 to $0.039, a 129% increase.

WCFG is an Ethereum-based coin that tracks Centrifuge’s pricing (CFG). Like billing, CFG is part of the Polkadot ecosystem and is aimed at providing real-world application factors to Decentralized Finance (DeFi). Since Coinbase’s announcement, WCFG and CFG have risen roughly 1.7 percent to $1.98.

Finally, tBTC (TBTC) is an Ethereum-based token designed to be permanently tied to Bitcoin (BTC). It is part of the Keep Network (KEEP). In return, investors receive tBTC, which can be used on the Ethereum network. TBTC is up 8.2%, and Bitcoin is up $56,327.68.

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