Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
COVAL, IDEX, MCO2, POLS, FOX, SPELL and SUPER are some of the new cryptocurrencies making way to Coinbase Pro. Read more to know about their functionality.
On Monday, December 6, Coinbase announced adding support for a bunch of cryptocurrencies on its professional trading platform Coinbase Pro. Some of the new cryptocurrencies making way to Coinbase Pro include Circuits of Value (COVAL), IDEX (IDEX), Moss Carbon Credit (MCO2), Polkastarter (POLS), ShapeShift FOX Token (FOX), Spell Token (SPELL) and SuperFarm (SUPER). The official announcement reads:
“Starting Today, Monday December 6 we will begin accepting inbound transfers of COVAL, IDEX, MCO2, POLS, FOX, SPELL and SUPER to Coinbase Pro. Trading will begin on or after 9AM Pacific Time (PT)Tuesday December 7, if liquidity conditions are met.”
Coinbase Pro noted that once sufficient supply for these cryptocurrencies is available on this platform, they will be soon allowing trading pairs with U.S. Dollar as well as Tether stablecoin USDT. Coinbase Pro will launch these trading pairs in phases. First will be the post-only or auction mode, then moving to the limit-only or full trading mode. Let’s also take a look at each of these newly listed cryptocurrencies.
Circuits of Value (COVAL)
This Ethereum-based token 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”. Apart from creating Vaults, COVAL also serves as rewards offered to liquidity providers.
This is another Ethereum token that powers decentralized exchange IDEX. It helps in combining order books with automated market makers. To help secure the protocol and in return earn awards, IDEX holders can also stake the native tokens. Last week, decentralized exchange IDEX announced its plan to launch the v3 Hybrid Liquidity DEX on the Polygon blockchain network.
The POLS cryptocurrency powers blockchain platform Polkastarter, a platform for cross-blockchain fundraising based on Polkadot. Users can use the POLS crypto to power transactions on the Polkastarter platform. Besides, users can also use them to propose and vote for upgrades.
Shapeshift Fox token (FOX)
This Ethereum-based token governs decentralized exchange (DEX) Shapeshift. Just by participating in the Shapeshift DAO, FOX holders can also vote on future products, asset integrations, and fee structures for the platform.
This Ethereum-based token power the popular NFT marketplace SuperFarm. On the SuperFarm platform, users can also stake their SUPER tokens to earn points and redeem them against NFTs. SUPER holders can also use their tokens to vote on future developments on SuperFarm.