Coinbase, one of the world’s largest cryptocurrency exchanges by transaction volume, is adding support for an altcoin among the top 25. The news of the listing triggered a rally that is currently reaching the 6% level.
Coinbase lists another altcoin
Coinbase recently announced that it has listed the Near Protocol (NEAR). NEAR is the dApp platform and Ethereum competitor focused on developer and user friendliness. The Coinbase list is very important, as it is an altcoin that ranks among the top 20 according to its market value.
Coinbase will add support for Near Protocol (NEAR) on the NEAR network. Do not send this asset over other networks or your funds may be lost. Inbound transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets (@CoinbaseAssets) August 31, 2022
When will NEAR transactions begin?
According to the announcement, the proceedings will begin at 11:00 tomorrow morning. However, according to the stock market, a sagging may occur on this date. In the tweet above, Coinbase is telling its users not to trade with NEAR tokens for a while. Preparations for the list will continue until noon tomorrow. When everything is complete, the NEAR/USD and NEAR/USDT pairs will be open for trading.
Trading will begin on or after 9AM PT on 1 September 2022, if liquidity conditions are met. Once sufficient supply of this asset is established trading on our NEAR-USD and NEAR-USDT trading pairs will launch in phases.
— Coinbase Assets (@CoinbaseAssets) August 31, 2022
NEAR price peaks after Coinbase announcement
As you follow on Kriptokoin.com, Coinbase news often results in double-digit rallies. However, the NEAR token is starting a similar rally. After the announcement, the NEAR price rallied as much as 6%. It currently retains most of its earnings despite recent sales.
What is the NEAR Protocol?
The NEAR token is used to pay for transaction fees and storage on the Near platform. It is a PoS Blockchain that uses sharding technology to achieve scalability. The protocol has smart contract capability, conceptualized as a community-run cloud computing platform. However, it is a public PoS Blockchain. Created by NEAR Collective, NEAR was designed to host dApps. It is trying to compete with Ethereum and other smart contract platforms like EOS and Polkadot. The native cryptocurrency of the network is called NEAR. The token is used to pay for transaction fees and storage. NEAR token can also be staked by token holders who participate in reaching network consensus as transaction validators.
NEAR Protocol is focused on building a developer and user friendly platform. To fulfill this task, NEAR has combined features such as human-readable account names as opposed to purely cryptographic wallet addresses, and the ability for new users to interact with dApps and smart contracts without requiring a wallet.
Finally, projects built on NEAR include Mintbase, the NFT generation platform, and Flux, a protocol that allows developers to build markets based on assets, commodities, real-world events, and more.
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