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Celo price spikes 32% after Coinbase listing

Celo price spikes 32% after Coinbase listing

Coinbase, the most important cryptocurrency change in the USA, will now provide assist for Celo — an announcement that led to a 32% worth surge in lower than two hours.

In response to a Sept. Three weblog submit from Coinbase, the change now helps the utility and governance token for the Celo platform.

Coinbase this week additionally introduced that UMA can be obtainable for buying and selling on Coinbase Professional beginning on Sept. 8.

The change seems to be prioritizing assist for tokens for initiatives by which it’s invested. Coinbase at the moment holds each Celo utility tokens and UMA tokens from its 2018 investments.

Following the announcement of assist for Celo, the worth of the token surged from $3.44 to a brand new all-time excessive of $4.55 in simply two hours earlier than dipping again beneath $4.00. As of this writing, the token is being traded for $4.20.

Supply: Coinbase

The Celo platform is a mobile-focused stablecoin funds platform. Coinbase is providing buying and selling on the platform’s governance token utilizing the ticker title CGLD relatively than CELO, however acknowledged the transfer was “momentary.” Customers can ship and obtain Celo tokens beneath both title, as they’re the identical digital asset. The itemizing comes after Coinbase Professional started accepting CELO deposits on Aug. 31, which prompted the token to achieve roughly 55% over each USD and Bitcoin (BTC).

In the meantime, UMA is a synthetics derivatives platform that reportedly builds “open-source infrastructure for ‘priceless’ monetary contracts on Ethereum.”

The token at the moment has one of many highest yields on scorching new DeFi protocol SushiSwap, which is probably going accountable for UMA’s surge from beneath $7.00 to $27.32 final week.

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