Coinbase Adds Avalanche (AVAX)-Based Crypto Project and Cosmos (ATOM) Altcoin on Listing Roadmap
Crypto exchange Coinbase is putting two new digital assets onto its listing roadmap of tradable altcoins as markets continue their downtrend.
In a new announcement via Twitter, the US-based exchange says it’s adding Avalanche (AVAX)-based BENQI (QI) and Cosmos (ATOM)-based Kava (KAVA) to its roadmap.
BENQI is a decentralized finance (DeFi) protocol consisting of BENQI Liquid Staking and BENQI Liquidity Market. QI is the project’s native token used for governance and utility. It is required to vote on proposals made by the BENQI decentralized autonomous organization (DAO).
At time of writing, QI appears to have reacted positively to the Coinbase news, up 10% on the day and 21% over the last seven days. BENQI is trading for $0.0072 with a market cap of just over $23 million.
Kava is a decentralized lending protocol built on the Cosmos Network. The Kava system uses Cosmos to mint its USDX stablecoin whenever crypto is deposited to the platform as collateral. Those who deposit crypto to support the lending system are rewarded with weekly payments of KAVA.
KAVA is currently trading for $0.86, 90% down from its all-time high with a market cap of $281,996,397.
Coinbase has continued rapidly adding new altcoins to its listing roadmap throughout the bear market. CEO Brian Armstrong has said that eventually, the exchange aims to have as many crypto assets as possible on its platform, as long as they meet basic criteria for things like security and legality.
“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.”
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