Avalanche (AXAX) Decentralized Exchange Altcoin Skyockets After Coinbase Listing Announcement

US-based crypto exchange giant Coinbase is adding the first ever Avalanche (AVAX)-based token on its roster of altcoins.

The largest digital assets exchange in the US announces that it will support trading for Pangolin (PNG) starting October 6th once liquidity conditions are met.

The token is the asset of the Pangolin decentralized exchange (DEX), which runs on the Avalanche network. The platform allows users to swap, stake, farm and bridge crypto assets from different blockchains.

“Coinbase will add support for Pangolin (PNG) on the Avalanche network. Pangolin (PNG) is the first Avalanche ARC-20 token to be offered on our exchange. Do not send this asset over other networks or your funds may be lost.

Inbound transfers for this asset are available on Coinbase and Coinbase Exchange in the regions where trading is supported.”

Coinbase says that PNG will have the experimental asset label that the exchange assigns to tokens that are newly supported on the platform or those with relatively low trading volume. Coinbase may remove the label depending on market conditions.

“We’re constantly monitoring the assets on our platform and may remove the label when an asset no longer meets the criteria.”

Following Coinbase’s announcement, Pangolin’s price increased by over 33% over the last 24 hours. At time of writing, the asset is changing hands for $0.108.

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Featured Image: Shutterstock/Tithi Luadthong/Alex_Bond