The leading cryptocurrency exchange platform in the United States has made a surprising move by adding support for Wormhole (W), which has resulted in a brief rally for the native asset of the cross-chain messaging project.
Coinbase Assets recently announced the addition of Wormhole to its list of supported digital assets, allowing customers to buy, sell, convert, send, receive, or store W tokens. This development caused the price of Wormhole to surge from $0.61 to $0.81 within a day, although it has since retraced and is currently trading at $0.071.
Wormhole is an interoperability project that facilitates communication between different blockchains. It is compatible with several prominent blockchains, including Base and BNB Chain, the blockchains of Coinbase and Binance, respectively. This compatibility allows for seamless integration of cross-chain decentralized applications (DApps) and the transfer of tokens and NFTs across different networks.
In addition to Base and BNB Chain, Wormhole is also compatible with Ethereum, Algorand, Avalanche, as well as layer-2 scaling solutions like Optimism, Arbitrum, and Polygon. This wide range of compatibility makes Wormhole a versatile platform for developers looking to leverage its capabilities.
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(Image Source: Shutterstock/Carlos Amarillo)