San Francisco-based crypto exchange Coinbase announced on July 16, 2020, that it will support Algorand (ALGO) at Coinbase.com and in the Coinbase Android and iOS apps.
Coinbase customers will be able to purchase, sell, convert, send, receive, or store ALGO. The digital asset exchange confirmed that ALGO is available in all Coinbase-supported regions.
Established by Silvio Micali, an experienced cryptographer and Turing award winner, Algorand aims to address some of the technical limitations of current blockchain or distributed ledger technology (DLT) infrastructure.
As explained by Coinbase, the Algorand project aims to improve decentralization, scalability, and security. Launched in June of last year, Algorand offers a foundation for existing businesses and new initiatives to operate internationally in the nascent “decentralized” economy.
Algorand intends to offer a permissionless (public), “pure” proof-of-stake (PoS) protocol that can support the scale, “open” participation, and transaction finality needed to develop scalable blockchain or DLT projects.
In August 2019, ALGO was listed on Coinbase Pro, which now confirmed that it will support EUR and GBP trading with the ALGO token, beginning on July 21, 2020. ALGO is supported by Coinbase Custody for secure cold (offline) storage and staking as well.
The Coinbase team noted:
“One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase. 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. We launched informational asset pages (see ALGO here), as well as a new section of the Coinbase website to answer common questions about crypto.”
On July 21, 2020, Coinbase Pro will be adding support for new order books for Algorand (ALGO), Chainlink (LINK), XRP, and Tezos (XTZ). As confirmed by Coinbase, the new trading pairs will be: ALGO-EUR, ALGO-GBP, LINK-EUR, LINK-GBP, XRP-GBP and XTZ-EUR, XTZ-GBP.
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