An altcoin project on the Solana (SOL) network is rallying after top US crypto exchange Coinbase announced the digital asset will soon be listed on its platform for trading.
“Coinbase will add support for Helium (HNT) on the Solana network. Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on [Coinbase] in the regions where trading is supported.
Trading will begin on or after 9am PT on 12 July 2023, if liquidity conditions are met. Once sufficient supply of this asset is established trading on our HNT-USD trading pairs will launch in phases. Support for HNT may be restricted in some supported jurisdictions.”
Helium soared to a high of $1.48 Wednesday after Coinbase announced it would list the peer-to-peer wireless hot spot project. Helium is trading for $1.44 at time of writing, up from a 14-day low of $1.19, a more than 21% increase.
Coinbase is adding support for Helium under its “Experimental Label,” a designation for riskier, lower liquidity tokens.
Helium is a network for the Internet of Things (IoT) that operates in a decentralized manner. It enables IOT devices connected to the network to communicate and share data by supporting smart contracts and enterprise applications. The network rewards participants, including those who set up Helium hotspots, with the HNT tokens.
The project aims to offer more efficient and cost-effective wireless coverage for IoT devices compared to traditional networks.
Coinbase first added Helium to its listing roadmap at the end of June.
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