Coinbase listed Celo (CELO) on its platform, about a week after Coinbase Pro listed the cryptocurrency. The price of Celo soared 32% in less than two hours
Coinbase announced yesterday that the Celo utility token can now be traded on its platform. This latest development comes a week after reports that the token was listed on Coinbase Pro, the other proprietary trading platform operated by Coinbase.
“As of today, Coinbase supports Celo (CGLD) on Coinbase.com and the Coinbase Android and iOS applications. Coinbase customers can now buy, sell, convert, send, receive or store CGLD. CGLD is available in all regions with Coinbase support”, Writes the company.
Coinbase revealed that it is temporarily listing the currency under the code CGLD instead of CELO, which represents the cryptocurrency. However, using a different code name will not affect the currency or prevent participation in the network’s governance activities, such as voting. Coinbase traders will be able to send and receive CLGD or CELO, as it is the same asset.
Coinbase revealed that it regularly announces a new set of cryptocurrencies that they are exploring, with CLGD one of the currencies included in a list of exploratory cryptocurrencies last fall. However, with the announcement that Coinbase Pro would list the UMA token on September 8, some analysts believe the company may be prioritizing tokens for projects it has invested in. Coinbase currently holds the UMA and Celo tokens from its 2018 investment.
CELO increases 32% after Coinbase announcement
After Coinbase’s announcement, the price of the Celo token rose 32% in less than two hours. The CELO token rose from $ 3.44 to a new record of $ 4.55 just two hours after the announcement.
However, the Celo token fell below the $ 4.00 mark, but has since recovered. At the time of writing, the CELO token is trading at $ 4.28 per currency. CELO set a new historical record twice in the space of a week, and both events were stimulated by the listing on the Coinbase Pro and Coinbase platforms, respectively.
CELO is currently up 13% against the USD and 24% against the BTC.