Coinbase Adds Crypto Exchange Token to Arsenal of Altcoins, Triggering 50% Rally
Popular US-based crypto trading platform Coinbase Pro is adding another altcoin amid a flurry of new inclusions this week.
According to a Coinbase announcement, Voyager Token (VGX), the Ethereum-based coin of centralized exchange Voyager, has been added to Coinbase Pro. VGX is not yet available on the Coinbase retail platform or mobile app.
According to Voyager, VGX is a liquid token that provides utility across its platform. Participants can earn interest by staking the coin or using the token to enable instant transactions, receive fee discounts, and earn rewards for trading.
The announcement of the Coinbase Pro listing nearly sent Voyager to the moon. VGX saw an approximately 52% price jump from $2.76 on Tuesday to a local high of $4.21 on Wednesday. The crypto asset has since corrected, trading at $3.61 at time of writing.
The announcement comes after Coinbase launched support for five other altcoins this week, including Alchemix (ALCX), Ethereum Name Service (ENS), Gala Games (GALA), Power Ledger (POWR), and GYEN, a stablecoin pegged to the Japanese yen.
Though many crypto trading platforms such as Voyager have begun launching their own blockchains and cryptocurrencies, Coinbase recently said they decided against doing so due to a preference for decentralization.
As Coinbase CEO Brian Armstrong says,
“I’m kind of glad we didn’t [launch our own chain] because I don’t like the idea of there being a Coinbase Chain.
I like the idea of chains being much more decentralized than that.”
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