Polkadot, a fast-rising crypto asset is enjoying incredible buying pressures amid Coinbase’s added DOT, the native currency of the Polkadot blockchain, as announced in a statement by the company at the early hours of Tuesday.
At the time of filing this report, the eighth-most valuable crypto asset by market value traded at $25 with a daily trading volume of about $3 billion and is up 16% for the day.
Investors are increasingly buying into this digital asset on the bias that Coinbase is the leading US-based cryptocurrency exchange with the greatest exposure of institutional investors in the crypto-verse.
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Polkadot is known for having an infinite supply, and currently has a market valuation of $24 billion.
In a press release issued by Coinbase, the world’s most valuable crypto exchange, the company highlighted trading Polkadot on the highly revered exchange will begin on Wednesday, however, with a certain condition.
“Starting immediately, we will begin accepting inbound transfers of DOT to Coinbase Pro. Trading will begin on or after 9 am Pacific Time (PT) Wednesday, June 16, if liquidity conditions are met.
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Once a sufficient supply of DOT is established on the platform, trading on our DOT-USD, DOT-BTC, DOT-EUR, DOT-GBP, and DOT-USDT order books will launch in three phases, post-only, limit-only, and full trading,” Coinbase stated.
The highly demanded crypto asset is the protocol that facilitates cross-blockchain transfers of any type of asset. By uniting different blockchains, Polkadot aims to achieve high degrees of scalability and security. DOT serves as the token and used for securing the network or to connect (“bond”) new chains.