Coinbase Announces DoubleZero (2Z) Listing Following the US SEC’s No-Action

Coinbase crypto exchange added DoubleZero (2Z) to its listing roadmap today. This follows the U.S. SEC’s decision to take no enforcement action against DoubleZero and foster novel technologies such as the decentralized physical infrastructure network (DePIN).

DoubleZero Gains Listing on Coinbase

After securing listings on Binance, Kraken, and other crypto exchanges, Coinbase announced a listing for DoubleZero. The Solana-based protocol’s listing on Coinbase marks a milestone as crypto assets must meet thorough processes and standards for legal, compliance, and technical security.

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The DePIN protocol is designed to boost blockchain scalability through high-performance physical data infrastructure. DePIN projects collaborate with participants to offer real-world capabilities, such as storage, telecommunications bandwidth, mapping, or energy, through open and distributed peer-to-peer networks.

This comes after the SEC Division of Corporation Finance’s no-action letter concerning DoubleZero’s token distributions. The SEC claimed to foster DePIN projects such as DoubleZero and not hinder innovation with an enforcement action. The commission confirmed that the 2Z token is not a security, but a functional incentive.

SEC Commissioner Hester Peirce declared support for innovative and novel projects such as DePIN. She added that the project allocated tokens as compensation for work or services offered, rather than investments with an expectation of profit.

Other top DePIN projects such as Bittensor (TAO), RENDER, Filecoin (FIL) have also gained interest following the SEC’s decision.

2z Price Soars 3%

2Z price jumped 3% in the past 24 hours, with the price currently trading at $0.496. The 24-hour low and high were $0.476 and $0.499, respectively. Trading volume further climbed by 35% in the last 24 hours, indicating a rise in interest among traders.

DoubleZero skyrocketed over 100% upon debut last week. But fell after Jump Crypto deposited a total of $20.9 million in 2Z to Binance and Bybit.

The derivatives market showed profit booking in the last few hours, as per CoinGlass data. At the time of writing, the total 2Z futures open interest was up 1% to $66.59 million in 24 hours. The 4-hour 2Z futures open interest climbed more than 3%, but fell 0.24% Binance and 0.92% on OKX.