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In an exciting development for the crypto community, Coinbase has officially announced the listing of Swell (SWELL) on its platform.
The day before, Coinbase announced its intent to add support for Swell (SWELL) on the Ethereum network (ERC-20 Token).
Hours after this initial listing announcement, Coinbase stated that Swell (SWELL) is now live on the Coinbase platform, in the Coinbase iOS & Android apps with the Experimental label allowing users to buy, sell, convert, send, receive or store the crypto asset.
Tomiwabold OlajideSwell Network emerges as a decentralized, noncustodial liquid staking protocol that enables users to stake their Ethereum and earn passive income through blockchain rewards. In exchange for staking their ETH, participants receive a yield-bearing liquid staking token (LST), which represents their staked assets plus earned rewards. This token can be utilized within the broader DeFi landscape to generate additional yield.
The listing of SWELL on Coinbase marks a major milestone for the token. Following the news, SWELL's price and trade volumes increased, reflecting market expectations. At the time of writing, SWELL was up 29% in the last 24 hours to $0.045. Swell's 24-hour trading volume has also increased 285% to $255 million.
Other Coinbase announcements
In other news, Coinbase has announced that cbBTC is now available to German and Singaporean residents, allowing BTC holders in the region to be able to access DeFi apps on the Base and Ethereum networks.
cbBTC, an SPL token that is backed 1:1 by Bitcoin (BTC) held in custody by Coinbase, has launched on Solana.
Coinbase will be adding support for Raydium perpetual futures on Coinbase International Exchange and Coinbase Advanced on Nov. 14.
This week, First Neiro On Ethereum perpetual futures launched on Coinbase International Exchange and Coinbase Advanced, while that of Apecoin went live at the close of October.
Gamza Khanzadaev
U.Today Editorial Team
Vladislav Sopov
Dan Burgin