The professional trading arm of Coinbase is scheduled to begin listing Algorand, a cryptocurrency developed by an MIT professor.
Major cryptocurrency platform Coinbase is adding the Algorand protocol’s eponymous token to its professional-targeted trading platform Coinbase Pro on Aug. 14.
Coinbase announced this latest addition in an official blog post on Aug. 9. The cryptocurrency exchange will scale up to full Algorand (ALGO) trading in four steps: transfer-only, post-only, limit-only and full trading.
The announcement also recalls some other common procedures for adding a new token to its platform, which include announcing the onboarding phases as they occur on Twitter and that they will provide immediate support for Algorand in every supported jurisdiction with the exception of New York.
As per the announcement, Algorand is a cryptocurrency that aims to solve some common issues — decentralization, scalability and security — within current blockchain infrastructure. Algorand reportedly launched recently as of June and utilizes a permissionless, proof-of-stake protocol.
Algorand’s fundraisers so far
As previously reported by Cointelegraph, the cryptocurrency’s issuing organization, the Algorand Foundation, raised $60 million through token sales. Algorand additionally raised $66 million over the past year through venture capital firms, including Union Square Ventures and Pillar Venture Capital. The foundation is reportedly aiming to grow Algos’ market capitalization to $24 billion.
As noted in Coinbase’s blog post, Algorand was founded by Silvio Micali, a cryptographer and Turing award winner. Micali is a professor at the Massachusetts Institute of Technology who has great optimism for blockchain as a high-security technology. Micali has remarked:
“Only a true decentralized system, where the power is really so spread that is going to be essentially practically impossible to attack them all and when you don’t need to trust this or that particular node, is going to bring actually the security we really need and deserve.”
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.