A decentralized lending protocol has experienced a bumpy price move after a surprise listing by leading US crypto exchange Coinbase.
In a new blog post Coinbase, Ethereum token Goldfinch Protocol (GFI)stated that it will start trading on Coinbase Pro once the appropriate liquidity conditions are met. According to the statement made on the exchange’s Twitter account, the altcoin can now be bought and sold on the company’s main retail trading platform and mobile applications.
GFI is now live on https://t.co/iQARfimGvY & in the Coinbase iOS & Android apps.
Coinbase customers can log in now to buy, sell, convert, send, receive or store GFI.https://t.co/UdSnGN2PdN pic.twitter.com/5r3WDhk1n2
— Coinbase (@coinbase) January 12, 2022
The project fills a gap in decentralized finance (DeFi) by providing loans without the need for collateral in the form of cryptocurrency. Goldfinch’s website describes the platform as follows:
“The vast majority of borrowers around the world cannot actually borrow from DeFi today due to the need to over-collateralize with crypto.
The Goldfinch protocol removes this crypto collateral requirement, unlocking a whole new level of borrower capacity.
This is what will allow cryptocurrency to finally enter the global debt markets.”
The Goldfinch protocol is expanding into emerging markets in Africa, Asia, and Central and South America.
Additionally, Goldfinch recently announced a funding round in which it raised $25 million led by venture capital firm Andreessen Horowitz.
The new GFI token will serve a variety of functions, including community management, staking, grants and participation incentives.
The altcoin has experienced wild price action since it first launched on the platform yesterday. GFI was valued at $26 at launch, then quickly dropped to $17 and then rose to an all-time high (ATH) of $32.94.
Since then, Goldfinch’s price has been in a steady downtrend and is currently trading at $13.89, down nearly 60 percent from its ATH.
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.