Coinbase Adds Support For Solana’s Jito Token; Here’s Why

Coinbase Embraces Solana’s Jito Token

Coinbase, a prominent cryptocurrency exchange, has announced the inclusion of Jito (JTO) tokens from the Solana network on its trading platform. This move underscores the increasing influence of Solana within the cryptocurrency market.

Meanwhile, the exchange encourages users to transact and trade JTO within the Solana network to safeguard against any potential loss of funds. Initially, the introduction of JTO-USD trading pairs will occur gradually as Coinbase aims to ensure a sufficient asset supply.

However, certain regions might encounter limitations in accessing Jito despite its availability. It’s important to note that Coinbase has tagged Jito with an ‘experimental’ label, indicating caution for traders considering engagement with this new asset.

Solana’s Network Resurgence And Market Recovery

It is important to note that the Solana network has shown signs of a resurgence. Data provided by Messari reveals a return to pre-FTX collapse levels in terms of weekly active addresses.

Cypher Mind HQ

This uptick in activity can be attributed to new infrastructure and tools, such as compressed NFTs, fostering a wide array of consumer applications on the platform. The integration of Jito on Coinbase expands the exchange’s offerings and underscores the growing prominence and revival of the Solana network within the crypto sphere.

This development aligns with SOL’s recent recovery trajectory, with a surge in value of nearly 55% in the last 30 days, reflecting renewed confidence in the network’s capabilities. Coinbase’s listing of Jito symbolizes a vote of confidence in Solana’s potential, signaling an optimistic outlook for the network and the broader cryptocurrency ecosystem.

Coinbase Launches Innovative Remittance Features

In a move set to revolutionize international money transfers, Coinbase has unveiled innovative wallet features aimed at bypassing traditional barriers. The recently announced feature “Send money with a link” marks a significant leap in simplifying and expediting global remittances through Coinbase Wallet.

This user-friendly initiative enables users to generate a link within the wallet, which they can easily share across popular social media platforms. Meanwhile, a crucial requirement for utilizing this feature is mutual ownership of the Coinbase Wallet by both the sender and recipient.

However, users who don’t have a Coinbase wallet will be directed to download it from the app stores should they receive the link.

Secure, Swift, And Versatile Transactions

Coinbase assured users that unclaimed funds would be automatically returned to the sender after two weeks, indicating robust security measures. Coinbase also identified scenarios where this feature proves beneficial.

They include settling debts among friends, last-minute gifting, and tipping service providers like tour guides. Additionally, the feature streamlines money transfers with zero-fee transactions, eliminating the need for multiple apps or navigating various usernames and profiles.

This differs significantly from traditional methods that involve navigating complex banking details and enduring extended processing times, often up to five working days.

Cypher Mind HQ

Redefining Global Remittances

With support in over 170 countries and available in 20 languages, Coinbase Wallet facilitates seamless global transactions. It also integrates with local fiat onramps from 130 countries, collaborating with prominent payment processors such as Pix in Brazil, GCash in the Philippines, and Instant P2P Bank in Nigeria.

Coinbase’s move aims to transform the landscape of international remittances, heralding a new era of streamlined global financial transactions.

Ark Invest Unloads Another $24 Million Worth of Coinbase Shares

Ark Invest continued its selling spree after selling more Coinbase shares on Wednesday. The firm disclosed that it sold 180,422 Coinbase shares amounting to $24.3 million, following the $33.3 million COIN it had sold a day earlier.

This move marks another instance of the company reducing its stake in various investments, as revealed in its latest trade filing. Last week, Ark Invest had also divested $15 million worth of Coinbase stock.

Despite Ark’s divestment, Coinbase’s stock still gained 0.26% today. The stock has shown a 6.7% increase over the past five days and a 51.44% surge in the last month, propelling it to its highest point in the last 18 months, per Google Finance data.

Author: Owen Clark

Owen Clark, a seasoned crypto newsman and broker, deciphers the intricacies of the digital currency realm, empowering investors with his astute analysis and actionable insights.

Leave a Reply

Your email address will not be published. Required fields are marked *