Following a series of major exchange listings over the past month, Algorand (ALGO), a new permissionless, pure proof-of-stake blockchain project led by Turing Award winner Silvio Micali, has officially landed a listing on Coinbase Pro.
On Wednesday, August 14 our ALGO/USD order book will enter transfer-only mode, accepting inbound transfers of ALGO in supported regions. Orders cannot be placed or filled. Order books will be in transfer-only mode for a minimum of 12 hours. https://t.co/eYeky8GpMo
— Coinbase Pro (@CoinbasePro) August 9, 2019
According to the announcement, Coinbase Pro will begin accepting inbound ALGO transfers on Wednesday, August 14 and trading will begin at least 12 hours after that point. Support for ALGO/USD will be available in all of Coinbase’s supported jurisdictions, with the exception of New York State.
This Coinbase Pro listing comes a little over a month after Algorand launched and was subsequently listed on a number of exchanges, including Binance, OKEx, Huobi and KuCoin.
As described in a recent breakdown by Binance Research, “Algorand aims to remove technical barriers that have undermined mainstream blockchain adoption: decentralization, scale, and security. Algorand is built by a team with deep roots in academic theory and science, led by Turing award winner Silvio Micali who has dedicated his career to pioneering research in the field of cryptography.”
While there has been a lot of buzz around Algorand, the token has been on a steady slide since launching in June. In an effort to stem the bleeding, the Algorand Foundation recently offered to repurchase up to 25 million ALGO from the original auction (the full auction supply). Auction participants can resell their tokens for 85% of the original purchase price of $2.40.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.