One under-the-radar altcoin is surging after a surprise listing by top US crypto exchange Coinbase.
In a new blog post, Coinbase says that the Biconomy (BICO) token will start trading on Coinbase Pro later today once appropriate liquidity conditions are met.
BICO is an Ethereum-based altcoin that powers Biconomy, a network that aims to cheaply connect users to any decentralized applications (DApps) across multiple chains. BICO can be used to pay network fees, as well as vote on upgrades.
According to the project website, Biconomy seeks to solve several logistical problems in order to increase mainstream adoption of Web 3.0.
“Web3 applications today face major roadblocks to user adoption in the form of terrible user onboarding and transaction experience.
There are various bottlenecks in the transaction experience: Necessity to pay a gas fee every time the user uses your application. Users can only pay in ETH, which they may not have at that moment. Or the user may not want to spend their ETH investment. New users have a long complicated onboarding process. Proficiency in complex blockchain technicalities is required such as using MetaMask…
Our aim is to simplify transactions by handling blockchain-related complexities under the hood.”
News of the listing sent the price of BICO up like a rocket from $6.49 to $9.82 in a matter of minutes.
At time of writing, the altcoin is trading for $10.06, according to CoinGecko.
Biconomy already has a number of impressive partnerships, including ones from BainCapital Ventures, Mechanism Capital and Huobi Ventures.
The BICO listing is the latest in a spate of altcoins added to the Coinbase platform in recent weeks. CEO Brian Armstrong said this past summer that the exchange was hustling to list as many different cryptos as possible.
BICO is not yet available on Coinbase.com or the Coinbase mobile app.
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Featured Image: Shutterstock/Mia Stendal/Vladimir Sazonov
