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The largest cryptocurrency exchange in the US has just launched support for two under-the-radar altcoins built on the leading Ethereum (ETH) smart contract platform.
In a new announcementCoinbase says it will begin trading for NFT-focused platform SuperRare (RARE) and food supply chain platform TE-FOOD (TONE) on Tuesday once liquidity conditions are met.
SuperRare is an exclusive crypto art marketplace that lists a curated selection of digital artwork from high profile NFT artists and creators. Its market began as a centralized platform until last year, when it introduced RARE, its governance token, and became a decentralized autonomous organization (DAO).
After Coinbase’s announcement, RARE bounced 37% in a hurry before giving up most of its gains as overall cryptocurrency markets also fell.
At the time of writing, RARE is trading at $0.30 with a market cap of just over $45 million.
TE-FOOD is a supply chain management system that serves emerging markets by integrating companies, consumers and authorities from the food industry into its platform. It claims to serve more than 6,000 customers and process 400,000 transactions per day.
With a market cap of just $18 million, TONE, the project’s native ERC-20 token, is trading at $0.03 at the time of writing.
Both TONE and RARE receive Coinbase’s “Experimental Item” label which the exchange reserves for cryptocurrencies new to the platform or with relatively low volume compared to other currencies in the market.
Last week, Coinbase CEO Brian Armstrong said the exchange aims to position itself to list as many cryptocurrencies as possible, as long as they are not fraudulent or dangerous. He also stressed that a listing by Coinbase does not necessarily mean an endorsement of the asset, similar to Amazon and its massive product offerings.
“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 getting one star consistently, it’s probably fraudulent or defective or something and maybe Amazon will take it down. Otherwise, you want to let the market decide what those things are…
My belief is that there will be millions of these assets over time, so hopefully it won’t be news every time we add one in the future, basically.”
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Featured image: Shutterstock/Agor2012/LongQuattro
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