The native token of a privacy-focused, zero-knowledge, layer-1 blockchain is on the rise after being listed on the largest U.S. cryptocurrency exchange by trading volume.
About 24 hours ago, Coinbase listed Aleo (ALEO) under an experimental label.
“Coinbase customers can log in to buy, sell, convert, send, receive, or store these assets.”
The experimental label indicates a new, highly volatile asset introduced to the platform. These assets typically have lower trading volumes compared to traditional cryptocurrencies.
According to the website, Aleo’s protocol prioritizes privacy and scalability by utilizing zero-knowledge proofs to ensure user privacy. Zero-knowledge proofs allow one party (the prover) to prove to another party (the verifier) that they own a certain value without revealing the actual value. According to Aleo, the network can use zero-knowledge proofs to prove that a user has the funds necessary to complete a transaction without revealing specific balances or transaction details.
In a tweet, the network announced that it would also be working with Coinbase in other ways.
“We are excited to announce that Aleo has chosen Coinbase to support their custody and several exciting programs across Learn Rewards, Quests, and Staking.”
Aleo CEO Alex Pruden said:
“We chose Coinbase because of their unmatched experience and robust infrastructure. Their integrated product offering is exactly what we need to support the successful launch and long-term growth of Aleo Network.”
At the time of writing, Aleo is trading at $3.39, up about 6% in less than 24 hours since its launch.
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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are your responsibility and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Warm_Tail