Coinbase, the US based top cryptocurrency platform, is in the process of listing Algorand (ALGO) token, native crypto of Algorand blockchain, to its Coinbase Pro platform, which primarily caters to professional crypto traders.
While announcing its plan through the official blog post, the cryptocurrency exchange stated that it will allow full-fledged trading of Algorand (ALGO) token, as usual, in four steps, namely transfer-only, post-only, limit-only and full trading.
The announcement also reminds the general process to be followed for listing a new token in its platform, including disclosing the move from one step to the next through Twitter. Notably, barring New York, Algorand will receive support in all jurisdictions where Coinbase operates.
Algorand is a crypto that intends to resolve some usual problems such as scalability, security and decentralization, within prevailing blockchain framework. Algorand went live in June and uses a proof-of-stake, permissionless protocol.
Algorand Foundation, which developed the crypto, raised $60 million via token sales. Algorand further raised $66 million last year via venture capital firms such as Union Square Ventures and Pillar Venture Capital. The foundation aims to boost Algos’ market capitalization to $24 billion.
Notably, Silvio Micali, who is the visionary behind Algorand, is a cryptographer and Turing award winner. Micali is also a professor at the Massachusetts Institute of Technology and has positive opinion about using blockchain technology for high-security purposes.
Micali has mentioned:
“Only a true decentralized system, where the power is really so spread that is going to be essentially practically impossible to attack them all and when you don’t need to trust this or that particular node, is going to bring actually the security we really need and deserve.”
