Alt Coin

Altcoin Project Backed by Billionaire Chamath Palihapitiya Explodes After Coinbase Pro Listing

An altcoin that has acquired assist from billionaire investor Chamath Palihapitiya is surging after a shock itemizing by high US crypto change Coinbase.

In a brand new weblog post, Coinbase says that Decentralized Social (DESO) will begin buying and selling on Coinbase Pro as soon as applicable liquidity situations are met.

The layer 1 blockchain undertaking goals to offer scalability to social media purposes for as much as a billion customers. Decentralized Social is open-source and shops all information on-chain.

Coinbase says of the native token DESO,

“DESO can be used to purchase ‘social tokens’ and NFTs [non-fungible tokens], and to create profiles and posts for Decentralized Social applications.”

The altcoin shot up as information of the Coinbase Pro itemizing unfold. DESO is up over 38% on the day to $138.34. The 87th-ranked crypto had beforehand been buying and selling within the $75 – $105 vary over the previous 30 days.

The token reached a quarterly excessive above $150 again in September after the undertaking modified its title from BitClout and raised over $200 million in capita, together with from enterprise capital agency Social Capital.

Social Capital CEO Chamath Palihapitiya talked about DESO again in October as a part of his basket of investments to hedge towards inflation.

“I’m very concerned about medium-term inflation… I want to own three things: hypergrowth [firms]… cash-generative assets… and then I want to own non-correlated assets: Bitcoin, Solana, DESO, a lot of the DeFi [decentralized finance] protocols because it’s a great counter-intuitive hedge…”

According to the Decentralized Social website, the undertaking seeks to empower creators to monetize their efforts.

“The DeSo core improvement workforce is relentlessly centered on utilizing the ability of blockchain to create as many new methods for creators to monetize as doable.

And as a result of DeSo is an open platform, each new function turns into immediately obtainable to hundreds of builders who will invent new merchandise we’ve by no means seen earlier than.”

Coinbase says the token might be obtainable to commerce paired with USD, EUR and USDT.

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Featured Image: Shutterstock/Tithi Luadthong

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