One low-cap layer-1 altcoin that recently rebranded itself is rising after abruptly gaining support from top US-based crypto exchange platform Coinbase.
In a new announcement, Coinbase Assets says that it will be adding support for Gravity (G), formerly known as Galxe, an interoperable Ethereum (ETH)-based smart contract platform.
“Trading will begin on 13 August 2024 at or around 12PM ET if liquidity conditions are met. Once sufficient supply of this asset is established trading on our G-USD trading pair will launch in phases.”
News of the listing sent the digital asset soaring, as G went from a low of $0.0378 earlier in the day to a peak of $0.0411, a gain of about 8%. G has since stabilized and is trading for $0.0398 at time of writing.
Earlier this month, Coinbase added G to its listing roadmap, which was created in 2022 as a means of increasing transparency and stifling the front-running of assets.
G, which had just rebranded itself in July with the support of crypto exchanges Binance and Crypto.com, aims to simplify cross-chain transactions by making them more secure and efficient.
At the time, its developers aid the blockchain will utilize technology such as zero-knowledge proofs, new consensus mechanisms, and restaking-powered architecture.
Last week, Coinbase also added support for two other multichain altcoins – interoperable layer-1 blockchain ZetaChain (ZETACHAIN) and cross-chain bridge Across Protocol (AVX) – causing both of them to see rises in price at the time.