Coinbase Launches Support for Four Ethereum-Powered Altcoins, Triggering Massive Rallies

2021-10-07 02:00:39

Coinbase is adding four new crypto assets to its arsenal of altcoins, triggering a number of epic price rallies.

The first addition to Coinbase Pro is the Ethereum-based (ETH) governance token Function X (FX), which is designed to power a cross-chain platform for decentralized applications and financial services.

Users can stake FX to earn rewards and use their token allocations to vote on the future of the network. The coin is also designed to be used as a payment method for the creation of smart contracts and data storage.

The announcement from Coinbase triggered a huge rise in the price of FX.

The coin has soared from a 24-hour low of $0.67 to as high as $1.86, according to CoinGecko – a 177% increase.

Source: CoinGecko

The next coin coming to Coinbase Pro is Jasmy (JASMY), which is also built on the Ethereum network.

Jasmy aims to use blockchain technology to create decentralized IoT (Internet of Things) platforms.

The token is designed to be utilized to pay for services on the network and transfer value between devices.

JASMY has soared from a 24-hour low of $0.017 to a high of $0.039 – a 129% increase.

Source: CoinGecko

Coinbase Pro is also adding Wrapped Centrifuge (WCFG).

WCFG is also an Ethereum-based token that mirrors the price of Centrifuge (CFG).

CFG is part of the Polkadot (DOT) ecosystem and is designed to bring real-world use cases to decentralized finance (DeFi), such as invoicing and the borrowing and lending of traditional assets like real estate.

WCFG and CFG have seen volatile price movements since the announcement from Coinbase and are currently up about 1.7%, at $1.98.

Source: CoinGecko

The final coin making its debut on Coinbase Pro is tBTC (TBTC), an Ethereum-based token that’s designed to be forever pegged to the price of Bitcoin (BTC).

The coin is part of the Keep Network (KEEP) ecosystem. Investors can deposit their native BTC and receive tBTC, which can then be used in the Ethereum ecosystem.

TBTC is up 8.2% in the last 24 hours, as is Bitcoin – at $56,327.68.

Source: CoinGecko

Featured Image: Shutterstock/Melkor3D/Andy Chipus

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