Coinbase, a cryptocurrency exchange in the United States, has announced that a newly-listed Ethereum (ETH) gaming altcoin is operational. The cryptocurrency exchange said it had become aware that the alternative coin had “downgraded trading capabilities” after it unexpectedly added support for the newly released crypto asset Prime (PRIME).
Coinbase has now published an update stating that the problem has been fixed. At that time, trading was temporarily halted. The Echelon Prime Foundation, a charitable organization with the mission of fostering the expansion of the gaming industry, is responsible for creating the alternative cryptocurrency known as PRIME. PRIME is based on Ethereum.
The company “creates and distributes tools to support creativity in, and promote the establishment of, unique game models and economies,” as stated on the Echelon website.
PRIME functions as an individual game’s utility and governance tokens throughout the Echelon ecosystem.
The digital currency was awarded Coinbase’s experimental label, a classification given to altcoins that may have more volatility and lower trading volume when compared to other assets in the exchange’s portfolio. Coinbase handed the crypto asset the experimental label.
When it first appeared on the market on March 2 for $7.37, the price of PRIME had been plunging rapidly. At this writing, the cryptocurrency asset was trading for $3.43, representing a decrease of nearly 53 percent in less than seven trading days.