The mass adoption of digital assets has been one of the most important goals that the crypto industry has set. There have been a lot of moves made in this direction and they continue.

Check out the latest reports about an Ethereum-based altcoin and the way in which its price exploded following listings on Coinbase and Binance.

According to the latest reports, the most important crypto exchanges out there, Binance and Coinbase are listing a brand-new altcoin that is focused on developing the Web3 space.

The new altcoin is called Project Galaxy (GAL), and bills itself as the largest Web3 credential data network in the world. It’s also important to note the fact that it has a native token that just went live on Thursday.

Project Galaxy is up more than 22% in the past 24 hours, according to the data released by the online publication the Daily Hodl.

The same reports revealed that Coinbase added support for Project Galaxy with an “experimental label.”

“New asset: Coinbase will add support for Project Galaxy (GAL) with the Experimental label.”

It’s important to note that Coinbase adds an experimental label to new projects that have lower trading volume in order to warn traders about their potential volatility.

Similarly, Binance listed GAL in its “Innovation Zone,” a dedicated trading space for assets that could be more prone to rapid price swings.

“Binance is excited to announce the 30th project on Binance Launchpool – Project Galaxy (GAL), a Web3 credential data network.“

Binance in the news

Speaking of Binance, it’s been making a lot of headlines lately.

The crypto market is under a new correction today, and all the important digital assets are trading in the red. There are all kinds of speculations as to why the crypto market lost so much value these days.

Check out the following relevant tweet below:

JUST IN: $230 million has been liquidated from the #cryptocurrency market in the past 4 hours.

— Watcher.Guru (@WatcherGuru) May 5, 2022

Some Twitter users believe that Binance is behind all this.

Binance

— ELFI THE HOUSECAT (@the_elfi) May 5, 2022

Stay tuned for more news from the crypto space.

The post Ethereum-Based Altcoin Price Explodes, Following Support From Coinbase And Binance first appeared on CryptoGazette - Cryptocurrency News.