Coinbase Launches Trading Support for Cosmos-Based DeFi Altcoin

Coinbase is making another exciting move these days. The crypto exchange just launched support for a DeFi altcoin that is based on Cosmos. Check out the latest reports about the issue below.

Coinbase customers can now trade the Cosmos (ATOM)-based decentralized finance (DeFi) altcoin Osmosis (OSMO), according to the latest reports coming from the online pubcalition the Daily Hodl.

A recently added altcoin is now supported by the leading crypto exchange in the US.

The exchange has classified the altcoin as “Experimental Label,” a category for tokens with higher risk and lower liquidity. Osmosis, on the other hand, is an automated market maker protocol created on the Cosmos software development kit. Its primary goal is to facilitate cross-chain transactions by using inter-blockchain communication.

“Osmosis’ native governance token, OSMO, is trading at around $0.5986 at the time of writing. The 110th-ranked crypto asset by market cap is down 0.6% in the past 24 hours and more than 2.6% in the past week,” the online publication mentioned above notes.

A new broker-dealer has started covering Coinbase, and the analyst addresses the ways in which the company will adapt to its surroundings.

Blockworks online publication mentioned the fact that Investors should be paying attention to how the exchange could look to pivot amid regulatory uncertainty as well, according to Berenberg Capital Markets Analyst Mark Palmer.

The crypto exchange’s “better-than-expected” first quarter results proved it is positioned to weather the so-called crypto winter. The data is according to a Monday research note authored by Palmer and associate Hassan Saleem.

Coinbase also had $5.3 billion of available cash, as of March 31, they added.

“However, we also believe investors should be focusing on whether the company would have the ability to successfully pivot its business model and geographic focus if it were forced to curtail or cease a large portion of its activities in the US as a result of an SEC enforcement action that appears likely to occur soon,” Palmer and Saleem wrote.