Coinbase has announced that it will add support for Filecoin (FIL) on Wednesday. The exchange said support for Filecoin’s iOS and Android apps would follow soon.
Coinbase has been busy in the crypto market, as the best cryptocurrency exchange seeks to expand its coin offering so that users have more investment options.
Protocol Labs launched Filecoin. The blockchain-based and decentralized marketplace is designed to allow users to perform storage transactions on the network through its currency FIL.
The project is best known as the blockchain version of Google Drive or Dropbox. It’s been in development for three years.
The project also enables miners to earn Filecoin tokens by offering open hard drive space to the network. At the same time, users can spend their Filecoin tokens to get space and storage for their encrypted files in a decentralized network.
The cryptocurrency and ICO hype in 2017 saw the protocol raised about $180 million within minutes of the ICO launch.
Last year, Filecoin was one of the tokens Coinbase was considering adding to its platform because the crypto exchange said it was doing a thorough investigation to add FIL. As the listing process requires regulatory approval and compliance control, the exchange did not specify a specific time when the listing will be possible.
Now that the listing is coming, it shows that Coinbase has completed the compliance check and received the nod from the authorities.
Coinbase has revealed in a blog post that the listing will take place in four main stages: only transfer, post-only, limit-only, and the mode for full trading in the final phase. The crypto exchange also said it would post updates on the phases in separate announcements.
After the news of Filecoin coming on Coinbase, FIL rushed sharply and rose by 15%. It went from 29.14 USD to 33.54 USD in hours, which is about a 15% price increase. If the overall crypto market was stable, it was sure that we could have seen more upside growth for Filecoin, but now, as BTC and other major coins are falling in price, we may not see a substantial price growth for Filecoin. If the market does not fall from here, We believe that FIL’s price will be back at 33.54 USD soon.
The best thing for Filecoin is that many interested US investors will now be able to buy FIL, which is an excellent success for Filecoin in the long term.