Binance Crypto Exchange Adds Algorand (ALGO) in Unexpected Listing
Binance has added Algorand (ALGO), along with a handful of leading exchanges and Coinbase Custody.
Algorand (ALGO) arrived on the digital asset scene by a storm, getting listed on a handful of leading exchanges within a day. Binance, Huobi, as well as Coinbase Custody have added the asset, which is based on a new, fully open proof-of-stake network.
The ALGO market price is still extremely volatile and in the early price discovery stage. ALGO traded around $2.27, down from a peak above $3.26. The asset was selected for its solid background and skillful team. The listing of ALGO resembles that of Cosmos (ATOM), which abstained from a concerted campaign to get listed, yet managed to gain access to a highly liquid market.
Algorand’s co-founder Silvio Micali, is a MIT professor and holder of the Turing award:
The all-star team is one of the reasons for the quick spreading and fame of the project.
The listing of ALGO to Binance.com also arrives at a moment when the exchange is closing off to US-based buyers, opening the way for listing any type of asset.
ALGO is unique for offering a human-readable block explorer, with transparency of the block proposer, or producer. So far, the network is largely inactive. But the series of immediate listings may quickly boost the liquidity for ALGO.
ALGO gets a boost from its relatively low supply, where coins have been locked for staking. Still, digital assets are inherently volatile, and ALGO is in the price discovery stage, capable of moving in any direction. The Algorand network also carries virtually zero transactions, and will have to prove its value and use cases.
The advantage for ALGO is the nearly one billion coins staked, which seriously restrict the circulating supply.
Algorand’s project name also hints at a Libertarian stance on digital assets, with the option of confidentiality. The coin arrives at a time when most assets and trades comply with requirements for traceability.
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