ROSE token gives up gains it made following Coinbase listing
US popular crypto exchange Coinbase is adding support for two major altcoins, including the stablecoin issued by its biggest rival, Binance.
Created three years ago in cooperation with Paxos, Binance USD (BUSD) is a stablecoin tied to the US dollar and aims to meld the stability of the buck with blockchain technology. BUSD is one of the few crypto assets approved by US regulators.
Coinbase supports Binance USD as an ERC-20 token, not the altcoin’s native Binance Chain (BSC), so it is transacted on the Ethereum blockchain network in the same manner as any other ERC-20 token. As such, it warned its customers not to make the mistake of sending BUSD deposits on other networks as their funds may be lost. Markets for the corresponding pairings slated to launch in post-only mode to ensure enough liquidity before full trading functionality rolls out.
BUSD has reached the $17.4 billion milestone, ranking 14th in the entire crypto market and 3rd among stablecoins by market cap, just behind Tether and USD Coin.
“Coinbase will add support for Binance USD (BUSD) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds may be lost. Inbound transfers for this asset are available on Coinbase & CoinbaseExch in the regions where trading is supported,” Coinbase said in a tweet.
America’s largest crypto exchange also launched the privacy token Oasis Network (ROSE) across its entire platform, including retail apps, a day after it was made available for trading on Coinbase Pro.
Coinbase to list every possible crypto asset
ROSE is the native token of the Oasis Network protocol, a decentralized finance (DeFi) platform for tokenized data. The coin was one of the very few cryptocurrencies that has maintained an overall bullish trend, characterized by large upward leaps and slight pullbacks, amid the larger crypto bloodbath.
Going by the recent price movements, the price of ROSE jumped by 20% from $0.20 to $0.24 as the news of Coinbase listing hit the wires. But the coin has since fallen and gave up all of these gains at the time of writing.
The recent additions comes a the regulated platform, which offers trading in Bitcoin and Ethereum along with more than 110 altcoins, is expanding its order book to include tokens that have gained popularity in recent months.
The proliferation of alternative coins has been a challenge for Coinbase because competitors support some of them. But as their trading volume has been huge lately, Coinbase had to step in as their fans have either left the platform or opened accounts at other exchanges where they can transact.
Strictly compliant with regulations, Coinbase is one of the world’s most popular consumer-facing cryptocurrency platforms. Trading in altcoins makes up 40% of Coinbase’s volume, while Bitcoin and Ethereum accounts for the other 60%.
Coinbase CEO Brian Armstrong said earlier that the exchange plans to list every crypto asset where it is legally permissible to do so.