An altcoin backed by billionaire investor Chamath Palihapitiya, top US cryptocurrency exchange Coinbase Rising after a surprise listing by
In a newly published blog post, Coinbase Decentralized Social (DESO) announced that it will begin trading on Coinbase Pro once the appropriate liquidity conditions are met.
The Tier-1 blockchain project aims to provide scalability to social media applications for up to one billion users. Decentralized Social is open source and stores all data on-chain.
Coinbase has this to say about the native token DESO:
“DESO, ‘social tokens’ and NFTs [non-fungible tokenler] can be used to purchase and create profiles and posts for Decentralized Social applications.”
The altcoin rose as news of the Coinbase Pro listing spread. DESO is up as much as $141 at the time of writing, up as much as 40 percent on the day. The crypto, which is ranked 84th on the list of cryptocurrencies, has been trading in the range of $ 75 to $ 105 in the last 30 days.
The token hit a quarterly peak of over $150 in September after renaming the project from BitClout to Decentralized Social and raising more than $200 million in capital from venture capital firm Social Capital.
Social Capital CEO Chamath Palihapitiya mentioned DESO in October as part of an inflation hedge investment basket.
According to Decentralized Social’s website, the goal of the project is to empower creators and developers to make money from their work.
“The DeSo core development team is focused and working relentlessly on leveraging the power of blockchain to create new ways for creators to make as much money as possible.
And because DeSo is an open platform, every new feature is instantly available to thousands of developers who will invent new products we’ve never seen before.”
According to Coinbase, the token will be available for trading, paired with USD, EUR, and USDT.
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.