One low-cap layer-1 altcoin that recently rebranded itself is rising after abruptly gaining support from top US-based crypto exchange platform Coinbase.
In a new announcement, Coinbase Assets says that it will be adding support for Gravity (G), formerly known as Galxe, an interoperable Ethereum (ETH)-based smart contract platform.
[adinserter block="1"]“Trading will begin on 13 August 2024 at or around 12PM ET if liquidity conditions are met. Once sufficient supply of this asset is established trading on our G-USD trading pair will launch in phases.”
News of the listing sent the digital asset soaring, as G went from a low of $0.0378 earlier in the day to a peak of $0.0411, a gain of about 8%. G has since stabilized and is trading for $0.0398 at time of writing.
Earlier this month, Coinbase added G to its listing roadmap, which was created in 2022 as a means of increasing transparency and stifling the front-running of assets.
G, which had just rebranded itself in July with the support of crypto exchanges Binance and Crypto.com, aims to simplify cross-chain transactions by making them more secure and efficient.
At the time, its developers aid the blockchain will utilize technology such as zero-knowledge proofs, new consensus mechanisms, and restaking-powered architecture.
Last week, Coinbase also added support for two other multichain altcoins – interoperable layer-1 blockchain ZetaChain (ZETACHAIN) and cross-chain bridge Across Protocol (AVX) – causing both of them to see rises in price at the time.
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