Coinbase, a cryptocurrency exchange, has announced support for three Ethereum (ETH)-based altcoins, as the digital asset market continues to fall.
Coinbase has announced that if optimum liquidity circumstances are satisfied, it will add decentralized exchange (DEX) protocol Injective (INJ), retail business-focused Pundi X (PUNDIX), and non-fungible token (NFT) platform XMON (XMON) to its trading roster.
All three cryptocurrencies were included in Coinbase’s newest update to its listing plan, which was released earlier this month in order to boost transparency and prevent the possibility of insider trading.
Following the announcement, each altcoin staged a small rally before consolidating or correcting lower with the general crypto markets.
INJ managed a 9.42% gain before reversing course, and it is presently trading at $1.55 with a market cap of $121 million. PUNDIX jumped 30% from $0.46 to $0.60 and is now trading at $0.53 with a market valuation of $138 million, but XMON was basically flat, increasing around 3% before correcting.
Coinbase CEO Brian Armstrong stated last month that the exchange’s ultimate goal was to offer as many crypto assets as possible, as long as they met certain security and legitimacy criteria.
“It’s kind of like Amazon or something like that where a product might have three stars or it might have five stars, but if it starts to get one star consistently, it’s probably fraudulent or defective or something and maybe Amazon will remove it. Otherwise, you want to let the market decide what these things are…
My belief is there’s gonna be millions of these assets over time, and so I hope it doesn’t make news every time we add one in the future, basically.”