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As part of the listing, Algorand (ALGO) will be available across all Coinbase platforms and will be also featured for staking and storage on Coinbase custody.
Algorand (ALGO) price has gone up in the last 24 hours. It occurred after a surprise listing by U.S. cryptocurrency exchange Coinbase. Coinbase indicated this in a blog post. At the time of filing this report, Algorand (ALGO) price was $0.35 (+29%).
Many members of the crypto community were surprised. Algorand (ALGO) wasn’t one of the 18 cryptocurrency tokens that were going to be listed as it was stated in the previous announcement.
It was also pointed out that Coinbase may have recognized its importance in the crypto space.
Algorand (ALGO) Price Is Boosted by ‘Coinbase Effect’
There is usually a spike in cryptocurrency tokens when they get listed on Coinbase. Being pushed by the so-called “Coinbase effect”, token prices correct themselves after some time.
Still, many look forward to the listing of their tokens on Coinbase as a factor in price increases. Algorand (ALGO) current price has risen past the “black Thursday” levels of mid-March. At the time, everyone thought that the cryptocurrency markets could suddenly disappeared.
Things improved and the crypto space rebounded. Algorand (ALGO) got listed on the trading platform Coinbase Pro in 2019. As part of its listing, the crypto will be available across Coinbase platforms and be also featured for staking and storage on Coinbase custody.
Founded in 2017 by MIT Professor, Silvio Micali, Algorand (ALGO) has as its Pure-Proof-of-Stake (PPOS) as its mechanism of operation.
After testing on thousands of serves for discrepancies and faults, the company received seed funding from Pillar and Union Square Ventures. Initial funding reached $4 million.
Proof-of-Stake Functions Differently
Its proof-of pure-stake (PPOS) protocol uses a secret selection process to determine block formation. In PPOS, all users are allowed to vote on the formation of new blocks on the blockchain.
This unique process depends on the honesty of the participants in the process. The PPOS system also works using any user online being able to stake for block formation. Algorand (ALGO) seems to have found a home with gamers as it recently joined the Blockchain Game Alliance.
The Algorand Foundation will create non-fungible tokens that gamers can use within gaming ecosystems. It also went into the stablecoin sphere. Last month, the company partnered with Circle to bring a fiat-backed stablecoin. Circle will bring support to the process. The USDC will also soon be available on the Algorand blockchain.
The Algorand blockchain now also supports the Pocket Network. The Pocket Network is a decentralized framework that allows a purely decentralized application programming interface (API) protocol for blockchains.
The Algorand Foundation seems to have been in the news lately for all the right reasons. It seems that the Alorand (ALGO) token offers the resilience that many have been waiting for.
In many quarters, the Algorand (ALGO) token is said to be the world’s first pure Proof-of-Stake blockchain.
Time will tell how it performs.