US-based cryptocurrency exchange Coinbase recently announced support for Celo (CGLD) for its retail and mobile platforms. The announcement led to a 9% rise in Celo which was trading $4.19 press time, according to CoinMarketCap.
The coin now available to users
Celo will now be available to retail investors of Coinbase via its Android and iOS apps. The exchange noted,
“Coinbase is listing Celo under the CGLD ticker symbol. This is temporary and does not affect the asset or participation in on-chain governance activities such as voting. You will be able to send and receive CELO or CGLD, as they are the same asset.”
Last week, the company had announced support for the coin on its professional platform- Coinbase Pro. The news of the addition led to price movements in the coin last week as well. At the time, the coin reached over 50% in less than one day. The trade volume of the coin also marked growth and the reported volume for the day was $20 million.
Coinbase noted that the CELO will be available to customers of all supported jurisdictions except for the state of New York, where regulations are tighter.
Coinbase working on bringing new cryptocurrencies
The crypto exchange giant said earlier that it is working with regulators and local banks to make its supported cryptocurrencies available in as many jurisdictions as possible. It said that the process usually demands “significant exploratory work from both a technical and compliance standpoint.”
Celo is an open-source platform that focuses on building a utility and governance asset called Celo Gold. It also has a dollar-pegged stablecoin called Celo Dollar. The project touts it as a rival to Facebook’s Libra which is backed by a collateral reserve of Celo Gold and other digital assets.
The company is also busy creating its blockchain which works on the PoS model. It will provide accessible financial tools to users without managing crypto wallets. Celo allows users to send, receive, and store stablecoins. The transactions can even be done with people who don’t have the app and phone numbers can be used to send crypto.