A medium-cap altcoin is rallying after getting a big boost from Coinbase.
Coinbase Custody says it’s allowing users to custody the Ethereump-based decentralized finance (DeFi) project, Injective Protocol (INJ).
Since the announcement, INJ has rallied approximately 33% from $3.50 to a high of $4.67, according to CoinMarketCap.
Injective says it’s the first protocol to offer layer-two decentralized cross-chain derivatives trading.
The project’s native INJ token, which launched in late October, serves a variety of functions such as protocol governance, exchange fee value capture, derivative collateralization, liquidity mining and staking.
The token was launched through public offering this year and currently sits at a $67 million market cap. The project boasts some significant partnerships with the likes of Chainlink, Binance Smart Chain (BSC) and Matic.
The Coinbase news comes as a surprise, as INJ is not listed as one of the 14 assets which Coinbase is exploring.
The crypto exchange has not yet announced whether it will support INJ for trading. Since the beginning of December, Coinbase Custody has announced support for eleven new assets, five of which are currently tradable on Coinbase Pro.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong
