On the Ethereum network, Coinbase will introduce support for Boba Network (BOBA) and Gemini USD (GUSD) (ERC-20 token).
Accentuate Boba Network
The blockchain scaling tool and hybrid computing platform Boba Network announces the Coinbase listing of its native BOBA token and its participation in the Coinbase Earn scheme. Users who had the OMG token in their Coinbase accounts will receive BOBA from Boba Network in addition to the listing. BOBA will have two trading partners: BOBA/USD and BOBA/USDT.
Additionally, Boba Network takes part in the Coinbase Earn program, which lets Coinbase customers make money while discovering how other projects and their technology operate. You must read or watch videos for this, as well as complete quizzes.
This information is released at the same time that Coinbase is firing over 1,000 workers due to the global bitcoin crisis.
Users will receive BOBAs as a result of the addition to the Coinbase Earn program for learning about important network concepts including hybrid computing, NFT bridging, and optimistic rollups.
This week has been a rollercoaster for Boba Network, which saw a 35.2 percent increase from a low of $0.34 on Tuesday to a high of $0.46 when word of the Coinbase listing spread.
After correcting itself, BOBA is now down 17.6 percent on the day and is now trading at $0.36 as of this writing.
An additional stable coin on Coinbase
Additionally, Gemini USD, a stablecoin developed by cryptocurrency exchange Gemini with a value pegged to the US dollar, has partnered with Coinbase.
Users can exchange their dollars for GUSD on decentralized exchanges in addition to exchanging them 1:1 for other cryptoassets, according to the project’s website (DEXs).
The Gemini Dollar now has a value of $0.98, which is somewhat less than the dollar.
One US dollar is represented by one GUSD, which Gemini holds in accounts at FDIC-insured US banks and money market funds that invest in short-term US Treasury bonds and are kept at a custodian.
In the event that a bank holding the US dollar deposit portion of the GUSD reserves fails, Gemini clients may be eligible for FDIC “pass through” insurance for the cash portion of these reserves.
Even though GUSD appears to be far more stable and safe than some other stablecoins, it still poses a risk to Coinbase and is surprising given that stablecoins are currently the topic of numerous talks.
