The native token of a privacy-focused zero-knowledge layer-1 blockchain is on the rise after being listed on the top US crypto exchange by trading volume.
Less than 24 hours ago, Coinbase listed Aleo (ALEO) under the experimental label.
“Coinbase customers can log in to buy, sell, convert, send, receive or store these assets.”
The experimental label indicates a high-volatility asset that is new to the platform. These assets typically have a low trading volume compared to more established cryptocurrencies.
According to its website, Aleo’s protocol prioritizes privacy and scalability by leveraging zero-knowledge proofs to help ensure user privacy. Zero-knowledge proofs enable one party (the prover) to prove to another party (the verifier) that it possesses a certain value without revealing its actual value. According to Aleo, its network utilizes zero-knowledge proofs so that users can prove that they have the necessary funds to complete a transaction without revealing their specific balance or transaction details.
In a tweet, the network announced it will be partnering with Coinbase in other ways as well.
“We’re excited to announce that Aleo has selected Coinbase to support custody and several exciting programs across Learn Rewards, Quests, and Staking.”
Says Aleo CEO Alex Pruden,
“We chose Coinbase because of their unmatched experience and robust infrastructure. Their integrated product offerings are exactly what we need to support the successful launch and long-term growth of the Aleo Network.”
Aleo is trading for $3.39 at time of writing, up about 6% from its launch less than 24 hours ago.
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Featured Image: Shutterstock/Warm_Tail