Coinbase Pro adds new cryptocurrencies
The crypto-community knows that listing new cryptocurrencies on Coinbase is a rather rare thing. The American giant takes important precautions before adding a new token to its markets. But forced to note that many cryptocurrencies are attracting the eye of investors, Coinbase has accelerated the pace in recent months.
The company has just announced the addition of polygon (MATIC), SushiSwap (SUSHI) and Skale Network (SKL) to its Coinbase Pro platform. After adding a plethora of decentralized finance (DeFi) tokens, Coinbase continues to explore this ecosystem.
From 11 March, the 3 tokens will be available on the platform with many trading pairs, including the USD, EURO and GBP:
The addition of MATIC is not so surprising. Coinbase’s investment arm, Coinbase Ventures, holds a significant amount of MATIC tokens following its investment in the project in 2019. It is therefore in its interest to add the MATIC to its catalogue to help the price of the token to climb, even if the company assures that it will not part with its tokens at the moment.
A “Coinbase Effect” as powerful as ever
It should be noted that these cryptocurrencies are not added to Coinbase.com, the company’s main platform. However, a listing on Coinbase Pro is already a significant step and suggests that an arrival on Coinbase.com is possible in the near future.
Although Coinbase is denied much for its lack of features and numerous bugs when market volatility increases, this does not prevent the tokens added to one of its platforms from gaining significant visibility.
When a token is listed on one of Coinbase’s platforms, the price rises rapidly following the announcement. This is more commonly referred to as the Coinbase Effect. Two of the three tokens involved saw a significant increase following the announcement of the platform, namely the MATIC and the SKL.
For MATIC, its share price climbed by more than 25% just 15 minutes following Coinbase’s announcement, from $0.24 to $0.308.
But let’s turn to the SKL, which has had a remarkable “Coinbase Effect”. Since the announcement of its listing on Coinbase Pro, the SKL’s share price has continued to climb to new heights. Thus, the price of the token almost doubled over a period of only 14 hours, from $0.335 to $0.669.
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