Coinbase, the largest US cryptocurrency exchange, is a little-known altcoin on its listing roadmap axelar (AXL) added.
Posting on its Twitter account on Wednesday, Coinbase announced that Axelar is officially under consideration for trading services.
Axelar, decentralized application (DApp) aims to offer secure cross-chain communication for Web3 so that its users can interact with different entities or applications on any blockchain.
According to Axelar’s website, the project coinbase Backed by Ventures. Coinbase Ventures functions as an exchange-owned venture capital. It also receives support from industry heavyweights such as Binance, Galaxy Digital, and Polychain Capital.
In October, Coinbase added support for a ‘wrapped’ (WAXL) version of AXL, an ERC-20 token tied to the AXL price that allows users to use tokens on the Ethereum (ETH) network.
Axelar is trading at $0.530 at the time of writing. The listing roadmap announcement made Axelar’s price soar. The 380th ranked crypto asset by market cap has increased by 12.68% over the past 24 hours, with most of the crypto market turning red in the same period.
Despite the price hikes, Axelar is trading around 54% lower from its all-time high of $1.15 this September.
Earlier this year, Coinbase created its listing roadmap to increase transparency and reduce the possibility of making listing announcements up front.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.