API3 (API3), Bluzelle (BLZ), Circuits of Value (COVAL), Immutable X (IMX), Other New Crypto Tokens Now Available via Coinbase

Beginning on December 9, 2021, API3 (API3), Bluzelle (BLZ), Circuits of Value (COVAL), Gods Unchained (GODS), Immutable X (IMX), Measurable Data Token (MDT), mStable USD (MUSD) and Ribbon Finance (RBN) are available on Coinbase.com and via the Coinbase Android and iOS apps.

Coinbase (NASDAQ:COIN) clients may now trade, send, receive, or store API3, BLZ, COVAL, GODS, IMX, MDT, MUSD and RBN in “most Coinbase-supported regions, with certain exceptions indicated in each asset page here.”

The update also noted that trading for these assets is “supported on Coinbase Pro.”

API3 (API3) is an Ethereum token that “powers the API3 project, which aims to connect traditional APIs with the blockchain ecosystem.” API3 token is used to “govern the API3 DAO (decentralized autonomous organization) and to vote on project upgrades,” the update explained.

Bluzelle (BLZ) is the token “powering the Bluzelle platform and decentralized storage network.” BLZ can be used to “pay for transactions, storage, staking, and voting on the future of the network.” (Note: Coinbase currently only supports BLZ running on the Ethereum blockchain (ERC-20)).

Circuits of Value (COVAL) is an Ethereum token that “powers Emblem, a platform where users can create custom combinations of ETH, ERC-20, and NFT tokens into a single, tradable token called a Vault.” COVAL can be used to “create Vaults and is issued as a reward to liquidity providers.”

Gods Unchained (GODS) is an Ethereum token that “powers Gods Unchained, a blockchain-based trading card game.” GODS can be used to “craft NFTs and other digital items within Gods Unchained as well as vote on the future of the platform.”

Immutable X (IMX) is an Ethereum token that “powers Immutable X, a scaling solution for NFTs that aims to enable near-instant, zero gas fee transactions.” IMX can be used to “pay for staking on Immutable X, vote on the future of the protocol, and pay transaction fees.”

Measurable Data Token (MDT) is an Ethereum token that “powers the Measurable Data Token ecosystem for anonymously sharing and monetizing consumer data.” MDT is used “as a medium of exchange between users sharing their data and businesses accessing it.”

mStable USD (MUSD) is a decentralized stablecoin running on Ethereum that “attempts to maintain a value of US$1.00.” Unlike centralized stablecoins, MUSD “isn’t backed by US dollars in a bank account. Instead, it’s backed by an array of other stablecoins deposited as collateral on the mStable protocol.”

Ribbon Finance (RBN) is an Ethereum token that “governs Ribbon Finance, a decentralized finance protocol designed to generate yield by combining options, futures, and fixed income to improve a portfolio’s risk-return profile.” RBN is the protocol’s governance token and “can be used to propose and vote on the future of the platform.”

For more details on this update, check here.

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