Coinbase Reveals Backing For This New Token, Price Rockets 60%

Crypto exchange giant Coinbase has revealed that it will now support Ancient8 (A8) on its platform, introducing the Ethereum-based ERC-20 token to its offerings. This move is part of Coinbase’s broader strategy to expand its range of assets and meet the changing needs of its investors. Nevertheless, the company is proceeding with caution, designating A8 as an “Experimental asset” and introducing it to traders in a gradual, phased manner.

Coinbase Adds Support For Ancient8

Coinbase revealed it will support Ancient8 (A8) on the Ethereum network (ERC-20 token). The exchange cautioned users against sending this asset over other networks to avoid losing funds for now. Meanwhile, the leading crypto exchange specified that transfers for A8 are now available on the Coinbase exchange in supported regions.

According to the initial post, trading was set to commence once liquidity conditions that are expected of them are met, with the A8-USD trading pair that will be launched in phases. However, the trading soon went live on the same date. Notably, trading for A8 has tendencies to be restricted in certain jurisdictions.

To ensure transparency, the exchange has been able to label A8 as an Experimental asset. This label helps customers make informed decisions about trading new or low-volume assets. The exchange explains that the Experimental label indicates assets that are either new to the platform or have lower trading volumes compared to other cryptocurrencies on the exchange.

Notably, this label does not restrict the ability to send, receive, buy, sell, or hold the underlined assets. However, the exchange has made moves to give caution due to potential price swings that may occur and canceled orders associated with lower volume and availability.

The detailed explanation of the Experimental asset label includes criteria for identifying these assets and notes that the requirements may change over time based on market conditions. The exchange constantly monitors the assets on its platform and may remove the label when an asset no longer meets the criteria.

Now, let’s take a closer look at A8 crypto and see why it has been gaining so much attention recently.

What Is A8 Crypto?

A8 is a crypto project building a Decentralized Autonomous Organization (DAO) focused on the Metaverse. Their platform empowers users to play, build, and earn within the virtual world through scholarships, education, and community building.

As a top player in Vietnam’s blockchain gaming landscape, A8 claims to be a leader in Metaverse access, aiming to onboard 100 million new users. Besides, the project boasts backing from major investors like Dragonfly Capital and Coinbase Ventures.

Also Read: German Govt. Reveals Real Reason Behind Bitcoin Selloff, Deems BTC Price “Irrelevant”

A8 Price Rallies 60%

The announcement of Coinbase’s support for Ancient8 has led to a significant surge in the token’s price. Upon the news, A8 price skyrocketed by 60% to $0.2971., highlighting the market’s positive response.

Notably, investors at certain points tend to react enthusiastically to endorsements from major crypto exchanges, viewing them as a sign of legitimacy and potential growth. Having said that, Ancient8’s inclusion on the major exchanges could attract more traders and investors, driving further demand and potentially higher prices.

The initial price surge suggests that the market is optimistic about A8’s future performance. As that may be, the market participants anticipate that with the backing of a leading exchange like Coinbase, Ancient8 is poised for increased visibility and trading activity.

Also Read: Fed Gov. Waller Raises Bets On Sept. Rate Cut, BTC ATH Soon?