Those interested in buying or selling Celo can now do so on Coinbase and Coinbase Pro
As soon as Coinbase announced it will be supporting Celo on its trading platform, the utility token’s price rose by 32%.
The announcement for the support of Celo was made on Coinbase’s blog yesterday (Sept 3).
Another listing to be expected from Coinbase is UMA, which will be on Coinbase Pro from Sept 8.
It looks as if Coinbase is trying to promote the tokens of interest to it. Back in 2018, Coinbase invested in the UMA tokens and Celo utility token.
After the announcement that the Celo token will be on Coinbase, its price jumped from $3.44 to $4.55 for the first time. This 32% increase happened only two hours after the announcement. Nevertheless, the price fell a little later to $4.00 but it now sells at $4.14.
The Celo platform was created to make digital payments fast, secure and stable with the use of mobile phones. Coinbase is listing it as CGLD and not CELO even though this will only be for a while. However, sending and receiving the utility token won’t be disrupted regardless of the ticker name chosen. Before the listing, Coinbase Pro started taking deposits in CELO on Aug 31. That was when CELO’s price performed better than USD and BTC by 55%.
By the way, UMA is a DeFi protocol built from Ethereum. It is meant to be an “open-source infrastructure for ‘priceless’ financial contracts on Ethereum.”
The UMA token is making so many people rich now as its price skyrocketed from below $7.00 to $27.32 in the past week.