Coinbase, the biggest US crypto exchange by trading volume, has added support for Wormhole (W), a cross-chain messaging protocol. This news caused a short-lived price surge for the Wormhole token.
Wormhole’s Quick Rise and Fall
The addition of Wormhole to Coinbase’s platform sent its token price soaring. It jumped from $0.61 on June 27th to a high of $0.81 the very next day. However, this rally was short-lived, and the price has since dropped to $0.071.
What is Wormhole?
Wormhole is a project that lets different blockchains communicate with each other. This allows for the transfer of tokens and NFTs between various networks. It’s compatible with many major blockchains, including:
- Base (Coinbase’s blockchain)
- BNB Chain (Binance’s blockchain)
- Ethereum (ETH)
- Algorand (ALGO)
- Avalanche (AVAX)
- Optimism (OP)
- Arbitrum (ARB)
- Polygon (POL)
Essentially, Wormhole helps developers build apps that can work across multiple blockchains.
Coinbase Integration
Coinbase users can now buy, sell, trade, and store Wormhole (W) tokens through their website and mobile apps.
Disclaimer: This information is for general knowledge only and is not financial advice. Always do your own research before investing in cryptocurrencies./p>