The largest cryptocurrency exchange in the United States has just launched support for two obscure altcoins built on top smart contract platform Ethereum (ETH).
in a new announcementCoinbase said it will launch trading on NFT-focused SuperRare (RARE) and food supply chain platform TE-FOOD (TONE) on Tuesday once liquidity conditions are met.
SuperRare is an exclusive crypto art marketplace listing curated digital artwork from well-known NFT artists and creators. Its marketplace started out as a centralized platform until last year when it launched its governance token, RARE, and became a decentralized autonomous organization (DAO).
RARE rallied 37% in the wake of the Coinbase announcement, before giving up most of its gains as the broader cryptocurrency market fell.
At the time of writing, RARE is trading at $0.30 with a market cap of just over $45 million.
TE-FOOD is a supply chain management system for emerging markets that integrates companies, consumers and authorities in the food industry into its platform. It claims to serve over 6,000 clients and process 400,000 transactions per day.
At the time of writing, the project’s native ERC-20 token, TONE, has a market cap of just $18 million and is trading at $0.03.
TONE and RARE both receive the Coinbase exchange’s “experimental asset” label Reserve Suitable for new cryptocurrencies on the platform or cryptocurrencies with relatively low trading volume compared to other tokens on the market.
Last week, Coinbase CEO Brian Armstrong said the exchange aims to position itself to list as many cryptocurrencies as possible, as long as they are not fraudulent or dangerous. He also noted that a Coinbase listing does not necessarily mean an endorsement of the asset, similar to Amazon and its vast product offering.
“It’s kind of like Amazon or something like that, where a product might have three or five stars, but if it starts getting one star consistently, it might be fraudulent or defective, and maybe Amazon will remove it. Otherwise, you want to Let the market decide what these things are…
I’m sure there will be millions of these assets over time, so I hope in the future it won’t be in the news every time we add an asset, basically. “
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