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Leading US-based crypto exchange, Coinbase, is adding a little-known altcoin to its listing roadmap ahead of a future listing.
Coinbase announced via Twitter on Wednesday that Axelar (AXL) is now officially considered by the trading services exchange.
Axelar aims to provide secure cross-chain communication for Web3 so that Decentralized Application (DApp) users can interact with different assets or applications on any blockchain.
According to the Axelars website, the project is backed by Coinbase Ventures, the venture capital arm of Coinbases. It also has the backing of industry heavyweights such as Binance, Galaxy Digital, and Polychain Capital.
In October, Coinbase added support for the wrapped version of AXL (WAXL), which is an ERC-20 token linked to the price of AXL that allows users to use the token on the Ethereum (ETH) network. .
AXL is trading at $0.530 at the time of writing. The announcement of the listing roadmap appeared to have an impact on Axelar’s price: the 380th-ranked crypto asset by market capitalization jumped 12.68% in the past 24 hours, while the most of the crypto market went into the red over the same period.
Despite the price gains, AXL remains nearly 54% down from its all-time high of $1.15, which it hit in September.
Coinbase created the listing roadmap earlier this year to increase transparency and reduce the possibility of running their listing announcements in preview.
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