An overlooked altcoin is on the rise after a surprise listing by top US crypto exchange Coinbase.
In a new blog post, Coinbase Biconomy (BICO) announced that its token will begin trading on Coinbase Pro later today when appropriate liquidity conditions are met.
Inbound transfers for BICO are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Trading will begin later today, if liquidity conditions are met. https://t.co/Ca0Jgebc33 pic.twitter.com/1sEqptPIAd
— Coinbase Pro (@CoinbasePro) December 1, 2021
BICO is an Ethereum-based altcoin that powers Biconomy, a network that aims to connect users to any decentralized application (DApp) across multiple chains at low cost. BICO can be used to pay network fees and vote on upgrade offers.
According to the project’s website, Biconomy aims to solve various logistical issues to increase the overall adoption of Web 3.0.
“Web3 applications today face significant barriers to user adoption in the form of poor user engagement and transactional experience.
The trading experience is hampered by a number of bottlenecks: A user has to pay a gas fee every time they use your app. Users can only pay with ETH -which they may not have at that time or the user may not want to spend their ETH investment. New users go through a long and complex onboarding process. The need for expertise in using complex blockchain technologies such as MetaMask…
Our goal is to simplify transactions by handling blockchain-related complexities behind the scenes.”
The listing news instantly rocketed the price of BICO from $6.49 to $9.82 in a matter of minutes, after which the continued bullish altcoin hit an all-time high of $10.15. Biconomy (BICO) At the time of writing, it is trading at $ 9.38, up 67 percent in the last 24 hours.
Biconomy already has several impressive partnerships, including those from BainCapital Ventures, Mechanism Capital and Huobi Ventures.
The BICO listing is the latest in a series of altcoins added to the Coinbase platform in recent weeks. CEO Brian Armstrong already said last summer that the exchange was in a rush to list as many different cryptos as possible, and he’s keeping his word.
Biconomy (BICO) Not yet available on Coinbase.com or the Coinbase mobile app.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.