Coinbase Announces Support for Three Ethereum (ETH) Altcoins, Sparking Several Crypto Rallies

Crypto exchange Coinbase has announced support for three Ethereum (ETH)-based altcoins as the digital asset market faces ongoing downward pressure. 

According to an announcement from Coinbase, it is adding decentralized exchange (DEX) protocol Injective (INJ), retail business-focused Pundi X (PUNDIX), and non-fungible token (NFT) platform XMON (XMON) to its trading roster once ideal liquidity conditions are met. 

All three crypto assets were included in Coinbase’s latest update to its listing roadmap earlier this month, which it created as a way to increase transparency and eliminate the potential for insider trading.

Following the announcement, each altcoin pulled off modest rallies before consolidating or correcting down with the overall crypto markets.

INJ managed a 9.42% rally before dipping back down, and is now priced at $1.55 with a market cap of $121 million. PUNDIX ignited a hefty 30% rally from $0.46 up to $0.60, and is now changing hands for $0.53 with a market cap of $138 million, while XMON traded mostly flat, jumping about 3% before correcting.

Last month, Coinbase CEO Brian Armstrong said that the exchange’s ultimate goal was to list as many crypto assets as possible, as long as they meet certain criteria for security and legitimacy.

“It’s kind of like Amazon or something like that where a product might have three stars or it might have five stars, but if it starts to get one star consistently, it’s probably fraudulent or defective or something and maybe Amazon will remove it. Otherwise, you want to let the market decide what these things are…

My belief is there’s gonna be millions of these assets over time, and so I hope it doesn’t make news every time we add one in the future, basically.”

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Featured Image: Shutterstock/ValDan22/Nikelser Kate