Transfers have been opened for shared altcoins, so you can already send altcoins to the exchange. Investors should be extremely careful, as stock market listings can cause sudden price increases. So what are these altcoins and what do they do?
Coinbase Lists 7 Altcoins
The statement from the exchange mentions that it will list for Circuits of Value (COVAL), IDEX (IDEX), Moss Carbon Credit (MCO2), Polkastarter (POLS), ShapeShift FOX Token (FOX), Spell Token (SPELL) and SuperFarm (SUPER). Announcing the opening of token transfers, Coinbase Pro said that investors can move their crypto assets to the stock market.
However, users who want to transfer only need to send ERC-20 version tokens. Coinbase, which made the listings in line with the requests from its customers, announced in a statement a few months ago that it would improve the listing processes. Announcing that faster and more cryptocurrencies will be on the stock market, the company added dozens of assets to its systems before long.
Details of Altcoins to List
In the listings made by Coinbase, transactions are opened gradually. That’s why you need to follow the announcements closely. So what do these 7 altcoins do?
Circuits of Value (COVAL): A platform where users can create custom combinations of Ethereum, ERC-20 tokens and NFTs into a single tradable token called Vault. COVAL can be used to build safes and is awarded to liquidity providers as a reward.
IDEX (IDEX): Native token of the decentralized exchange. IDEX holders can stake their tokens to help secure the protocol and earn rewards.
Moss Carbon Credit (MCO2): An Ethereum-based token for carbon credits. The aim of the project is to combat climate change. Burning an MCO2 token on the Moss Carbon Credit platform is equivalent to offsetting a tonne of CO2 footprint made possible by purchasing and conserving land in the Amazon rainforest.
Polkastarter (POLS): Native token of Polkastarter, a cross-blockchain fundraising platform based on Polkadot. It’s used for payouts, voting, and upgrade suggestions.
ShapeShift Fox Token (FOX): It is the native token of the decentralized exchange ShapeShift.
Spell Token (SPELL): A token that manages Abracadabra.money, a platform that allows users to deposit collateral in the form of interest-bearing crypto assets (like yvYFI, yvUSDT, yvUSDC, xSUSHI). It tries to maintain its value of $1.00. SPELL can be staked to earn sSPELL, which grants management rights and other rewards.
SuperFarm (SUPER): Native token that powers SuperFarm, a marketplace and platform for issuing NFTs. It can be used to vote and you need to stake tokens to enjoy privileges in the system.