Coinbase Adds Four Altcoins on Coinbase Pro – Triggers Huge Rallies
Coinbase adds support for four new crypto projects: Function X, Jasmy, Wrapped Centrifuge and tBTC. The news triggered some very impressive rallies.
Coinbase announced today, 7 October 2021, that it has added support for four crypto assets in its Coinbase Pro trading platfrom. Following the announcement some of the newly added altcoins triggered impressive rallies.
Function X (FX)
Function X token is the governance token for the Function X project. Users may use Function X token to vote, as collateral (soon), to generate synthetic assets (soon) delegate, securing the core network and more.
Function X token is available in Ethereum since 2019 and in Function X since 2021. They are fully interoperable and users can transfer Function X in and out of both blockchains while maintaining a fix total supply and liquidity.
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.
After the announcement from Coinbase, FX price soared.
The altcoin went from a 24-hour low of $0.67 to as high as $1.85, according to CoinMarketCap. The jump represents a 176% increase on daily chart.
FX/USD Source: CoinMarketCap
Jasmy (JASMY)
JasmyCoin is based on the ERC 20 standard. The token can also be used by an unspecified number of individuals and businesses to transfer tokens using digital devices as proof of value exchange or payment for services.
By not limiting its usability, the token can have a wide range of purposes, such as pay for services on the network and transfer value between devices.
Jasmy aims to use blockchain technology to create decentralized IoT (Internet of Things) platforms.
JASMY jumped from a 24-hour low of $0.017 to a high of $0.039, which represents 129% gains.
JASMY/USD Source: CoinMarketCap
Wrapped Centrifuge (WCFG)
Wrapped Centrifuge (WCFG) is a cryptocurrency and operates on the Ethereum platform that mirrors the price of Centrifuge (CFG).
CFG is part of the Polkadot (DOT) ecosystem, with the idea 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 some volatility since the Coinbase announcement is trading at the time of writing at $1.92 with 4.7% gains on a daily chart.
WCFG/USD Source: CoinMarketCap
tBTC (TBTC)
The last addition in the announcement is tBTC (TBTC), a cryptocurrency that operates on the Ethereum platform 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.
At the time of writing TBTC trades for $54,953 and is up 6.3% on a daily chart (same as BTC).
