Coinbase Adds Decentralized Social (DESO) to Its Platform: Altcoin Price Jumps 74%!

Exciting news for crypto enthusiasts! Coinbase, a leading cryptocurrency exchange in the US, has just announced support for a new altcoin, and it’s causing waves in the market. Which digital asset is joining the Coinbase roster? Let’s dive into the details of this latest listing and what it means for the crypto space.

Coinbase Welcomes Decentralized Social (DESO)

Coinbase has officially confirmed the integration of Decentralized Social (DESO) across its retail trading platforms. This means you can now find DESO on Coinbase.com, as well as their user-friendly mobile apps for both iOS and Android.

This announcement follows the earlier addition of DESO to Coinbase Pro, the exchange’s platform geared towards professional traders. It’s clear Coinbase is making a strong move to embrace DESO and its ecosystem.

DESO Price Skyrockets After Coinbase Listing

The impact of the Coinbase listing was immediate and significant. In a mere two days following the announcement, DESO experienced a remarkable 74% price surge! The price jumped from $94.12 to an impressive $164.20. This dramatic increase highlights the ‘Coinbase Effect’ – the tendency for altcoin prices to climb after being listed on this major exchange, driven by increased accessibility and investor confidence.

What is Decentralized Social (DESO)?

So, what exactly is Decentralized Social, and why is Coinbase adding it to its platform? Decentralized Social (DESO) is a fascinating project that positions itself as a layer 1 blockchain built specifically for social media applications. Imagine a blockchain infrastructure that empowers developers to create fast, customized social media platforms – that’s the vision behind DESO.

Here’s a breakdown of what makes DESO stand out:

• Layer 1 Blockchain: DESO operates on its own independent blockchain, providing a foundational layer for decentralized social applications.
• Social Media Focus: Unlike general-purpose blockchains, DESO is designed with the unique needs of social media in mind, prioritizing speed and scalability for social interactions.
• Native Asset (DESO): DESO is the platform’s own cryptocurrency and serves multiple crucial functions within the ecosystem:
• Social Tokens: Used for purchasing and interacting with social tokens, which represent a user’s influence or community within a decentralized social app.
• NFTs (Non-Fungible Tokens): Facilitates the buying and selling of NFTs, enabling digital ownership and unique content within social platforms.
• Profile and Post Creation: Essential for creating user profiles and publishing content on applications built on the Decentralized Social blockchain.

The Visionary Behind DESO: Nader Al-Naji

The project is spearheaded by Nader Al-Naji, a name familiar to those following the decentralized social media space. Al-Naji was also the driving force behind BitClout, an earlier attempt to decentralize social media, which generated significant buzz and controversy in the crypto world. His experience with BitClout likely informs the development and direction of Decentralized Social.

Backed by Major Venture Capital

Decentralized Social has garnered substantial financial backing, indicating strong belief in its potential. The platform has reportedly secured over $200 million in funding from prominent venture firms. Notably, this includes investment from Chamath Palihapitiya’s Social Capital, a venture capital firm known for its investments in technology and disruptive innovation. This level of funding provides DESO with significant resources for development, marketing, and expansion.

DESO Joins Coinbase’s Growing Altcoin Portfolio

DESO is the latest addition to Coinbase’s expanding list of supported altcoins in 2023. This year has seen Coinbase actively adding a variety of new digital assets to its platform, demonstrating its commitment to offering users a diverse range of crypto investment options. Some of the other recent altcoin listings on Coinbase include:

• API3 (API3)
• Bluezelle (BLZ)
• Gods Unchained (GODS)
• Immutable X (IMX)
• Measurable Data Token (MDT)
• Ribbon Finance (RBN)
• Circuits of Value (COVAL)

Coinbase’s continued listing of new altcoins like DESO signals the exchange’s belief in the growth and diversification of the cryptocurrency market. It also provides users with more opportunities to explore and invest in emerging crypto projects.

Related Posts – Bank DBS’s Crypto Business Grows Massively Due To Growing Demand From Investors