Coinbase Announces Wormhole Perp Listing Amid W Price Rally

The Coinbase International Exchange has unveiled its plans to add support for Wormhole (W) perpetual futures, as announced on Wednesday, April 3, 2024. This initiative is set to enhance accessibility and trading opportunities for users on both Coinbase International Exchange and Coinbase Advanced.

Coinbase International Introduces Wormhole Futures Trading

The introduction of Wormhole perpetual futures on Coinbase will take place at 9:30 a.m. UTC on April 4. This is a pivotal development as it comes amid Wormhole, a leading cross-chain protocol, launching its highly anticipated W governance token. This milestone marks a significant leap forward for Wormhole in asserting its prominence within the DeFi sector.

However, the Coinbase International Exchange also hinted at a possible restraint for users globally. It noted that the perp futures listing will be accessible only in the regions where Wormhole trading is supported.

Ahead of the Coinbase announcement, major crypto exchanges disclosed their intentions to list the W token for trading. These include Binance, OKX, Bybit, Bitget, Gate.io, and Backpack. This widespread support from prominent exchanges underscores the industry’s recognition of Wormhole’s innovative protocol and the potential of its native token.

Moreover, Wormhole has taken a proactive approach to community engagement by offering an extensive airdrop program, with over 400,000 eligible wallets across various chains, including Solana and Ethereum. The airdrop, which includes a substantial sum of 617.3 million W tokens, aims to reward early adopters and foster widespread adoption of the protocol.

Also Read: Coinbase: Restaking Becomes Ethereum’s Second Largest DeFi Sector

Wormhole Price Rally

Furthermore, the swift adoption of the W token by major exchanges has already resulted in a notable 10% price surge within a short trading period. This surge reflects the bullish sentiment prevailing in the market toward Wormhole’s cross-chain protocol. Moreover, it underscores W’s potential impact on the DeFi sector.

At press time, the Wormhole crypto traded at $1.415 in the market on Wednesday after the Coinbase announcement. Moreover, it reached a high of $1.860 across prominent exchanges. The circulation encompasses 1.8 billion tokens out of a total supply of 10 billion, contributing to a noteworthy market capitalization of $2.48 billion.

Also Read: Coinbase Exec Hails Latest Pro-Bitcoin Comment By Presidential Candidate RFK Jr

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.