The native cryptocurrency of a privacy-centric zero-knowledge layer-1 blockchain has gained traction after being added to a leading US crypto exchange by trading volume.
Just under 24 hours ago, Coinbase added Aleo (ALEO) under the experimental category.
“Coinbase users can log in to buy, sell, convert, send, receive, or store these assets.”
The experimental label signifies a high-volatility asset that is newly integrated into the platform. Typically, such assets have lower trading volumes compared to more established cryptocurrencies.
As stated on its website, Aleo’s protocol emphasizes privacy and scalability by utilizing zero-knowledge proofs to maintain user confidentiality. Zero-knowledge proofs allow one party (the prover) to demonstrate to another party (the verifier) that it possesses a certain value without disclosing the actual value. Aleo asserts that its network uses zero-knowledge proofs, enabling users to confirm they have the necessary funds for a transaction without exposing their specific balance or transaction details.
In a tweet, the network announced it will be collaborating with Coinbase in additional capacities as well.
“We’re thrilled to share that Aleo has chosen Coinbase to provide custody support along with various exciting initiatives across Learn Rewards, Quests, and Staking.”
Aleo CEO Alex Pruden stated,
“We selected Coinbase due to their unparalleled experience and robust infrastructure. Their integrated product offerings are precisely what we require to ensure the successful launch and sustained growth of the Aleo Network.”
Aleo is currently trading at $3.39, reflecting an approximate 6% increase since its launch less than 24 hours ago.
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Disclaimer: The views expressed at The Daily Hodl are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that your transfers and trades are at your own risk, and any losses you incur are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it serve as an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.
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