Coinbase Announces Support for Little-Known Ethereum Scaling Altcoin and Mid-Cap Stablecoin Project

A layer-2 scaling solution is joining top US crypto exchange Coinbase’s roster of digital assets alongside an exchange stablecoin.

Coinbase says Boba Network (BOBA) and Gemini USD (GUSD) will start trading paired with Tether (USDT) once appropriate liquidity conditions are met.

Boba Network utilizes optimistic rollups, a less stringent and data-heavy method of transaction verification than traditional zero-knowledge rollups. Native token BOBA can be used for governance and staking.

The project was developed to empower decentralized applications (DApps) developers building on Ethereum (ETH).

Boba Network has experienced a roller coaster of price action this week, surging 35.2% from a Tuesday low of $0.34 to as high as $0.46 when news of the Coinbase listing first broke.

BOBA has since corrected and is currently down 17.6% on the day and trading for $0.36 at time of writing.

Coinbase will add support for Boba Network (BOBA) and Gemini USD (GUSD) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds may be lost. pic.twitter.com/jjB92ytYVb

— Coinbase Assets (@CoinbaseAssets) June 29, 2022

Also joining Coinbase is Gemini USD, a stablecoin created by the Gemini cryptocurrency exchange which aims to peg its value to the US dollar.

According to the project website, not only can users trade their dollars 1-to-1 for GUSD, but the altcoin can also be used to swap for other crypto assets on decentralized exchanges (DEXs).

Currently, Gemini Dollar is valued slightly less than a dollar at $0.98.

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Featured Image: Shutterstock/herryfaizal/AlexRoz