Coinbase.com has launched support for Celo (CGLD) as the mega American crypto exchange and wallet provider continues to ramp up the number of altcoins available for trading. The new coin is now available for retail investors through the company’s Android and iOS apps.
The announcement triggered a nine percent surge in the price of Celo, which is currently trading at $4.19, according to the price aggregator CoinMarketCap.
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“Coinbase is listing Celo under the CGLD ticker symbol. This is temporary and does not affect the asset or participation in on-chain governance activities such as voting. You will be able to send and receive CELO or CGLD, as they are the same asset,” the company explained.
Announced last week, Coinbase has enabled Celo to trade on the exchange’s professional platform that caters to more experienced traders, Coinbase Pro. The latest member of Coinbase’s supported coins also reacted to the news last week when it was added to the institutional venue.
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At the time, Celo rose nearly over 50 percent in less than a day as it was listed on the world’s most valuable crypto exchange. The trade volume over the past 24 hours showed growth, with a reported value of $20 million.
The announcement notes that Celo will be available to customers in all supported jurisdictions with the exception of the New York State due to their tighter regulations.
Coinbase said earlier it is working with local banks and regulators to make these new cryptocurrencies available for its customers in as many jurisdictions as possible, saying the process often requires “significant exploratory work from both a technical and compliance standpoint.”
Celo is an open-source platform building a utility and governance asset, Celo Gold, as well as a dollar-pegged stablecoin. Dubbed ‘Celo Dollar,’ the startup promises to be a stablecoin to rival Libra and is backed by a collateral reserve of Celo Gold and other digital assets.
The company is also working on its own blockchain which operates as a proof-of-stake network that aims to provide users with accessible financial tools without having to manage a crypto wallet.
As explained by the exchange, Celo enables users to send, receive, and store its stablecoins even with people who do not have the app, using just their phone number.