Coinbase, the largest U.S.-based digital asset exchange, has announced the addition of CoW Protocol (COW) on the Ethereum blockchain and Moonwell (WELL) protocol on Base, Moonbeam, and Moonriver. In addition, perpetual futures trading for Catizen (CATI), a gaming bot on Telegram, is now available. This development comes amidst a broader market recovery, which has already resulted in price increases for COW, WELL, and CATI over the past 24 hours.
Coinbase’s listing is expected to give CoW and Moonwell more visibility, while perpetual futures trading for Catizen is set to drive liquidity and growth for the token. Trading volume for COW, WELL, and CATI increased significantly soon after listing on Coinbase in areas where it is active, signifying the notable impact of crypto exchange listings on the value of assets.
Also Read: Coinbase’s Legal Battle Against FDIC Gains Momentum
Coinbase bulks up altcoin listing
COW token will use the ERC-20 token standard on the Ethereum network and the transfer of tokens will occur on September 24, 2024, at 9 AM PT. The exchange said that trading of the COW-USD pair will be released in phases even as support for the asset will be restricted in some locations. This phased listing has been quite common with Coinbase, especially as the firm trudges through the equally complex US regulations.
As such, Moonwell which is a decentralized finance protocol having inclusion across Base, Moonbeam, and Moonriver can reach a larger clientele. The perpetual futures trading that Catizen would offer will provide more liquidity which is pertinent to its indefinite expansion. These additions show that Coinbase still plays a big part in the altcoin market.
Coinbase’s listing of new cryptocurrencies is significant given that it is the sole publicly listed crypto exchange in the United States. The launch of these cryptocurrencies on its platform has the potential to have a ripple effect throughout the crypto market, increasing acceptance and providing investors with more exposure. The combination of visibility, liquidity, and structured trading may open new prospects for these digital assets.
Conclusion
Coinbase’s recent crypto listing, which includes CoW Protocol, Moonwell, and Catizen futures, has resulted in a significant spike in trading activity. As the crypto exchange expands its products, these listings are anticipated to increase token visibility and liquidity, resulting in a more dynamic and accessible digital asset market.
Also Read: Coinbase Files Lawsuit Against SEC and FDIC Over Crypto Industry Crackdown
