The largest crypto exchange platform in the US just rolled out support for two under-the-radar altcoins built on the best smart contract platform Ethereum (ETH).
in a new one AnnouncementCoinbase says it will begin trading for NFT-focused SuperRare (RARE) and food supply chain platform TE-FOOD (TONE) on Tuesday once liquidity conditions are met.
SuperRare is an exclusive crypto art marketplace featuring a curated selection of digital artworks from high profile NFT artists and creators. The marketplace started out as a centralized platform until last year when it introduced RARE, its governance token, and became a decentralized autonomous organization (DAO).
After the Coinbase announcement, RARE quickly bounced 37% before giving up most of its gains as general crypto markets also fell.
At the time of writing, RARE is trading at $0.30 with a market cap of just over $45 million.
TE-FOOD is a supply chain management system that focuses on emerging markets and integrates companies, consumers and authorities from the food industry into its platform. It claims to serve more than 6,000 customers and processes 400,000 transactions per day.
With a market cap of just $18 million, TONE, the project’s native ERC-20 token, is trading at $0.03 at the time of writing.
Both TONE and RARE are labeled “Experimental Asset” by Coinbase which reserves the exchange for cryptocurrencies that are new to the platform or of relatively low volume compared to other coins in the market.
Last week, Coinbase CEO Brian Armstrong said the exchange wanted to position itself to list as many cryptocurrencies as possible, as long as they are not fraudulent or dangerous. He also made the point that a mention of Coinbase does not necessarily mean an endorsement of the asset, similar to Amazon and its extensive product offering.
“It’s kind of like Amazon or something like that where a product can be three stars or five stars, but if it consistently gets one star it’s probably fraudulent or faulty or something and maybe Amazon will take it down. Otherwise you want the market let’s decide what these things are…
My belief is that over time there will be millions of these assets, so I hope every time we add one it won’t make news in the future.”
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