Coinbase has officially added Numeraire (NMR) token to the supported assets on the exchange’s professional trading platform, Coinbase Pro, with the company’s Android and iOS apps to follow later.
It is the latest move in a series of rapid expansion plays that the popular US cryptocurrency exchange has made as of late in an attempt to further widen its offering and legitimize a variety of new digital assets.
Numeraire, which is backed by a hedge fund focused on artificial intelligence, was among 18 tokens that Coinbase announced it considered offering last year. However, at the time the exchange did not give a timeline for listing these assets as the process required significant technical and compliance review in addition to regulatory approval.
In a blog post, officials revealed the launch would take place in four vital stages including transfer-only, post-only, limit-only, and the final stage, full-trading mode. Coinbase will post tweets announcing the stages separately.
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NMR Price Doubles in 24 Hours
NMR was launched in 2017 by a San Francisco-based hedge fund called Numerai, which touted the lesser-known coin as the first cryptocurrency that is mined with artificial intelligence.
Numerai was founded in 2016 by the South African Richard Craib and has managed to raise funds from big investors such as Renaissance Technologies, one of the world’s biggest money managers. The fund utilizes scientists and machine learning to further expand investment opportunities and build algorithmic models that bolster future predictions.
Coinbase will begin accepting inbound transfers of NMR next Monday and will open trading the following day, if liquidity conditions are met. The exchange points out that the new coin will be accessible for users in most jurisdictions, but initially will not be available for residents of the state of New York.
As usual, when the listing of a new coin on a major exchange is announced, there is a significant increase in the trading volume, and to no surprise there is no change here with the trading volume of NMR, plus a big price spike.
At the time of writing, NMR was enjoying a 24-hour surge of 165 percent, a completely different change in scenario from yesterday when the cryptocurrency was almost unchanged. The coin was trading at $53.23 with a total market cap of $146 million and a 24-hour market volume of $5.5 million.