Filecoin (FIL) surges by 6% after listing on Coinbase

Coinbase announced that it will be adding support for Filecoin (FIL) token on Tuesday The exchange said support for Filecoin’s iOS and Android apps will follow soon.

Coinbase has been busy lately in the market, as the top cryptocurrency exchange wants to expand its service offerings for users to have more investment options.

More New Digital Assets to Be Added

The new addition to Coinbase, Filecoin was launched by Protocol Labs. The blockchain-based and decentralized marketplace is designed to allow users to carry out transactions of unused storage on the network through its native coin FIL.

The project is best known as the blockchain version of Google Drive or Dropbox. It has been under development for three years.

The project also allows miners to earn Filecoin tokens by offering open hard-drive space to the network. At the same time, users can spend their Filecoin tokens to get space and provide storage space for their encrypted files in a decentralized network.

The cryptocurrency and ICO hype in 2017 saw the launch of Filecoin ICO, as the protocol raised about $180 million within a few minutes after the ICO launch.

Launch Will Take Place in Four Vital Phases

Coinbase is not adding Filecoin in isolation, as the exchange has added other tokens within a year. Last year, Filecoin was among the tokens Coinbase considered adding to its platform, as the crypto exchange said it was doing thorough examination before adding any other token. Since the listing process requires regulatory approval and compliance review, the exchange did not give a specific time when the listing will be possible.

With the listing coming now, it shows Coinbase has concluded the compliance review and has been given the nod from authorities.

Coinbase, in a blog post, revealed that the listing will be done in four important phases, transfer-only, post-only, limit-only, as well as the final stage full-trading mode. The crypto exchange also said it will be posting updates about the phases in separate announcements.