Coinbase, a top US-based crypto exchange platform, has added a lesser-known altcoin to its listing roadmap in anticipation of a future listing.
coin base announced Via Twitter on Wednesday, it was revealed that Axelar (AXL) is officially being considered by the exchange as a trading service.
Axelar aims to provide Web3 secure cross-chain communication so that decentralized application (DApp) users can interact with various assets or applications on any blockchain.
According to Axelar’s website, the project is backed by Coinbase Ventures, Coinbase’s venture capital arm. It is also supported by industry giants such as Binance, Galaxy Digital and Polychain Capital.
In October, Coinbase added support for a wrapped version of AXL (WAXL). This is an ERC-20 token tied to his AXL price that allows users to use the token on the Ethereum (ETH) network.
AXL is trading at $0.530 at the time of writing. The announcement of the listing roadmap appears to have had an impact on Axelar’s price. Ranked #380 by market capitalization, the cryptocurrency surged 12.68% over the past 24 hours, while most of the crypto markets were in the red during the same period.
Despite the price increase, AXL remains down nearly 54% from its all-time high of $1.15 set in September this year.
Coinbase created its listing roadmap earlier this year to increase transparency and reduce the likelihood of a listing announcement being ahead of schedule.
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