An altcoin project incubated by Coinbase is gaining momentum after announcing its transition to the Ethereum network. The price action was followed by Tuesday’s 8% gain.
Coinbase-backed altcoin rises on Ethereum news
The Base Protocol (BASE), which Coinbase introduced last year, announced that it will be broadcast on the mainnet on the Ethereum network. This news was followed by double-digit gains in terms of price. According to recent reports, the project has completed four of the five criteria it has set for the new mainnet launch.
Base is currently positioned on Optimism (OP). Testnet was launched in February. According to the latest announcement, it is about to complete all the requirements to launch its own network.
BASE price moves
Base Protocol (BASE) is currently up over 5%. It recorded an independent rally today, with a limited number of altcoins participating. BASE price, meanwhile, reached an intraday high of $0.4558.
Recent developments reassure mainnet
Base also shared that the security checks did not reveal any critical errors. This gives the team behind the project “confidence to move towards mainnet launching”. According to the official announcement:
We look forward to having Base on the mainnet soon, continuing to build with uncompromising security standards to ensure developers can securely connect to the Blockchain.
The exchange previously stated that it has no plans to issue a new token. The largest US crypto exchange says Base will be decentralized and permissionless:
Our goal with Base is to engage the next online and over one billion users in the crypto economy on the Blockchain. To this end, Base will serve as both a home for Coinbase’s products and an open ecosystem that anyone can build.
Coinbase shares price BlackRock news
According to the latest developments, the ETF news of the past weeks positively affects Coinbase’s stock price. The move signaled a resurgence in institutional demand. In recent weeks, multiple companies have been diversifying their asset portfolios by investing some of their profits in Bitcoin. This was a sign that Bitcoin was gaining more and more acceptance, especially at the institutional level.
Coinbase’s stock, COIN, has risen as a result of large companies’ interest in Bitcoin. Big companies that have applied for ETFs, BlackRock and Fidelity, have been instrumental in attracting new investors. cryptocoin.com Do not forget to take a look at Santiment’s analysis on this subject.
In the meantime, let’s point out that Coinbase has taken the initiative in the SEC lawsuit and led many exchanges. Last week, Coinbase filed a petition to dismiss the SEC’s lawsuit filed on June 6. A few days after that, Bittrex made a similar move.
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