Major cryptocurrency platform Coinbase is adding the Algorand protocol’s eponymous token to its professional-targeted trading platform Coinbase Pro on Aug. 14.
Coinbase announced this latest addition in an official blog post on Aug. 9. The cryptocurrency exchange will scale up to full Algorand (ALGO) trading in four steps: transfer-only, post-only, limit-only and full trading.
The announcement also recalls some other common procedures for adding a new token to its platform, which include announcing the onboarding phases as they occur on Twitter and that they will provide immediate support for Algorand in every supported jurisdiction with the exception of New York.
As per the announcement, Algorand is a cryptocurrency that aims to solve some common issues — decentralization, scalability and security — within current blockchain infrastructure. Algorand reportedly launched recently as of June and utilizes a permissionless, proof-of-stake protocol.
Algorand’s fundraisers so far
As previously reported by Cointelegraph, the cryptocurrency’s issuing organization, the Algorand Foundation, raised $60 million through token sales. Algorand additionally raised $66 million over the past year through venture capital firms, including Union Square Ventures and Pillar Venture Capital. The foundation is reportedly aiming to grow Algos’ market capitalization to $24 billion.
As noted in Coinbase’s blog post, Algorand was founded by Silvio Micali, a cryptographer and Turing award winner. Micali is a professor at the Massachusetts Institute of Technology who has great optimism for blockchain as a high-security technology. Micali has remarked:
“Only a true decentralized system, where the power is really so spread that is going to be essentially practically impossible to attack them all and when you don’t need to trust this or that particular node, is going to bring actually the security we really need and deserve.”