Coinbase, the largest cryptocurrency exchange in the US, will endorse Celo, an announcement that resulted in a price increase of 32% in less than two hours.
According to a blog post by Coinbase on September 3rd The exchange now supports the utility and governance token for the Celo platform.
Coinbase announced this this week as well UMA can be traded on Coinbase Pro from September 8th.
The exchange appears to prioritize token support for the projects it invests in. Coinbase currently holds both Celo utility tokens and the UMA token from its 2018 investments.
Following the announcement of support for Celo, the token price rose from $ 3.44 to a new all-time high of $ 4.55 in just two hours before falling back below $ 4. As of press time, the token is trading at $ 4.20.
Celo is a stablecoin payment platform for mobile telephony. Coinbase is offering to trade the platform’s governance token under the name CGLD instead of CELO, but stated that the move was “temporary”.. Users can send and receive Celo tokens under any name as they are the same digital asset. The listing occurs after Coinbase Pro started accepting CELO deposits on August 31st The token gains about 55% against USD and Bitcoin (BTC)..
Meanwhile, UMA is a platform for synthetic derivatives which supposedly “builds an open source infrastructure for” priceless “financial contracts on Ethereum”.
The token currently has one of the highest returns in the hot new DeFi SushiSwap protocol, which is likely responsible for the AMU’s surge from less than $ 7 to $ 27.32 last week.