- Coinbase, the largest cryptocurrency exchange in the United States, announced that it has added support for three Ethereum (ETH)-based altcoins as the digital asset market continues to face continued downward pressure.
Made by Coinbase to the announcement According to the exchange decentralized exchange (DEX) protocol Injective Protocol (INJ)is a retail business-oriented platform. Pundi X (PUNDIX) and non-funbigle token (NFT) platform XMON (XMON) He stated that if the liquidity conditions are met, it will be added to the trade list.
All three cryptoassets were included in Coinbase’s listing roadmap earlier this month as a way to increase transparency and eliminate the potential for insider trading.
Following the announcement, each altcoin rallied modestly before consolidating or correcting with the rest of the overall crypto market.
INJ had a 9.42 percent rally fire before it went down and is currently priced at $1.55 with a market cap of $121 million. After that, PUNDIX ignited a 30 percent rally from $0.46 to $0.60 and is currently changing hands at $138 million with a market cap of $0.53, with XMON mostly jumping around 3 percent before correcting. horizontally traded.
Last month, Coinbase CEO Brian Armstrong said that the ultimate goal of the exchange is to list as many crypto assets as possible as long as they meet certain security and legitimacy criteria.
JPMorgan: Coinbase May Earn $1.2 Billion Next Year
In a note with clients earlier this week, JPMorgan analyst Ken Worthington said crypto exchange Coinbase Global (COIN) could generate $1.2 billion in additional interest income-based revenue in 2023, given rises in short-term interest rates.
JPMorgan estimates that Coinbase’s joint venture with USDC issuer Circle alone could contribute approximately $700 million in additional revenue. In 2018, the two companies formed the CENTER Consortium joint venture, which includes a revenue share from interest income from USDC reserves.
JPMorgan noted that Coinbase could generate interest income from customer fiat money and corporate cash balances, with a combined additional revenue of $1.2 billion next year.
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.