Crypto trading platforms are always trying to improve their offering to attract more trading customers. Coinbase, one of the biggest trading platforms in the industry, has announced the addition of Algorand’s native token to its trading platform.
According to a blog post from Coinbase, the exchange will be offering full options for Algorand trading. The token will be available in four steps which are transfer only, post only, limit only, and full trading. Algorand protocol’s native token will be available for investors in all regions except New York.
The four stages through which Algorand will be offered will be updated as they happen on Coinbase’s Twitter account. Coinbase said that they might add other regions going forward. Over time, the exchange is looking to add more crypto assets that meet the standards expected on after a Coinbase review.
What is Algorand?
There are many tokens available on the market, and investors will be wondering what Algorand is and how it’s different from other tokens that are already available on the market. Summed up, Algorand is a digital asset designed to provide solutions to a number of common challenges faced by blockchain platforms.
Some of the primary and common problems faced by blockchain platforms include issues of true decentralization, security, and scalability. Algorand can be used in already existing blockchain structures to improve these and other issues that the blockchain may be facing. The protocol was launched in June, and it employs a proof of stake protocol.
Algorand founder, Silvio Micali, said the security needed in the blockchain community could only come from a genuinely decentralized system where power is spread correctly, which makes it impossible to attack all of the nodes on the blockchain. Doing away with the need to trust particular nodes will go a long way in ensuring blockchain can truly achieve security. The founder is a professor at the Massachusetts Institute of Technology.
There seems to be substantial interest in Algorand around the crypto community. The Algorand Foundation, which issued the cryptocurrency, raised $60 million through token sales according to Cointelegraph. Algorand itself has gone on to raise an additional $66 million over the course of the last year. The funds were raised through a variety of venture capital firms such as Pillar Venture and Union Square Ventures. It is rumored that the Algorand has plans to raise its market capitalization to $24 billion over the next few months.