Top US crypto exchange Coinbase is rolling out support for a little-known small-cap altcoin project, while also announcing the delisting of several other coins.
Coinbase announced via Twitter that it will be adding support for Wrapped Axelar (WAXL) on the Ethereum (ETH) network when sufficient liquidity conditions are met.
Axelar (AXL) aims to deliver secure cross-chain communication so that decentralized application (DApp) users can interact with different assets or applications on any blockchain.
Coinbase is adding support for the wrapped version of AXL, which is an ERC-20 token tied to the price of AXL that allows users to use the token on the Ethereum network.
According to Axelar’s website, the project is backed by Coinbase Ventures, Coinbase’s venture capital arm. It also has support from industry heavyweights like Binance, Galaxy Digital and Polychain Capital.
At time of writing, it is not clear what AXL’s market cap is, but it is trading at $0.83 with a total supply of 1,012,584,088, according to CoinGecko.
WAXL is being added to Coinbase’s roster with the ‘Experimental’ label, which the exchange designates for new or riskier crypto projects that may have lower liquidity and higher volatility.
As WAXL gets the nod from Coinbase, the exchange is also delisting four other crypto assets.
Coinbase announced it would be suspending trading for stablecoin project mStable (mUSD), DeFi protocol Rari Capital’s native token Rari Capital Governance (RGT), Fei Protocol’s governance token TRIBE, and pet-lovers’ crypto community Pawtocol (UPI).
“We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent reviews, Coinbase will suspend trading in MUSD, RGT, TRIBE and UPI on November 4, 2022 on or around 12pm ET.”
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