Coinbase adds support for Algorand (ALGO)

Coinbase announced the listing of Algorand as its new cryptocurrency after the cryptocurrency exchange listed the coin to its trading platform, Coinbase Pro, in the latter part of 2019.

Algorand tends to provide solutions to the technical barriers of the current blockchain framework. The coin aims to enhance security, scalability, and decentralization.

Coinbase customers can now buy, sell, and convert Algorand to other cryptocurrencies. Algorand will be available on all Coinbase-backed platforms including the company’s Android and Apple applications. Coinbase custody also supports Algorand for staking and storage.

The sudden listing pushed the coin to rise by a whopping %30, an all-time high for it. At the time of writing, ALGO/USD is trading at $0.34 for the second time in the history of this coin. Moreover, Coinbase listing pushed the total market capitalization of ALGO to set new highs. In fact, Algorand will perhaps see further highs in the future as per the experts.

Coinbase stated,

“One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on the platform. We announced a new process for listing assets, designed in part to accelerate the addition of more cryptocurrencies. We are also investing in new tools to help people understand and explore cryptocurrencies.”

Coinbase remains silent on Twitter about ALGO

Coinbase is yet to announce its ALGO support on Twitter, despite confirming the listing in a blog post.

The silence on Twitter can probably be because of the recent hack where the social accounts of Coinbase and its executives got compromised in a giveaway scam. Notably, the scam was a Twitter-wide crypto scam.