Coinbase Lists Ethereum Rival That Raised $230,000,000 in Massive Private Token Sale

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Cryptocurrency giant Coinbase is adding support for a top-20 altcoin that competes with Ethereum (ETH).

Coinbase says it is listing the smart contract platform Avalanche (AVAX) on its professional trading platform by first accepting inbound transfers and then allowing trading once liquidity reaches desired levels.

“Starting today, Wednesday, September 29, we will begin accepting inbound transfers of AVAX to Coinbase Pro. Trading will begin on or after 9AM Pacific Time (PT), Thursday, September 30, if liquidity conditions are met.”

The initial pairs that will be made available for trading are Avalanche versus the US dollar (AVAX/USD), the Tether stablecoin (AVAX/USDT), and the EURO (AVAX/EUR).

The US-based cryptocurrency exchange will initially only support Avalanche on Coinbase Pro before potentially rolling it out on the main Coinbase.com platform and Coinbase’s mobile apps.

Coinbase’s support for AVAX is restricted to Avalanche’s C-Chain tokens. Avalanche has three built-in blockchains – Contract Chain (C-Chain), Platform Chain (P-Chain), and Exchange Chain (X-Chain). C-Chain is the Avalanche blockchain dedicated to smart contracts.

AVAX’s listing on Coinbase comes nearly two weeks after the Avalanche Foundation revealed it had raised $230 million in a private token sale. The funds were meant to finance decentralized finance (DeFi), enterprise applications, and other projects in the Avalanche ecosystem.

Avalanche launched in September 2020 and says that more than 270 crypto projects are currently building on its public blockchain.

AVAX is trading at $64.78 at time of writing, according to CoinGecko. It is currently ranked 11th by market cap, roughly valued at over $14 billion.

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Ronnie Huss

Ronnie Huss

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