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Singapore-based digital asset exchange Crypto.com is following in the footsteps of other top exchanges and listing a new Ethereum (ETH)-based altcoin focused on developing the Web3 space.
Crypto.com recently rolled out support for Project Galaxy (GAL), which bills itself as the largest Web3 credential data network in the world.
The project’s native token, GAL, just launched earlier this month and has seen its price plummet nearly 75% from an all-time high of $18.32 on May 6th to $4.71 at time of writing.
GAL is used for governance in the Project Galaxy decentralized autonomous organization (DAO). GAL token holders can set the platform fees collected by the protocol, and they control funds held by the Project Galaxy Community Treasury.
Binance and Coinbase both listed Project Galaxy earlier this month, each attaching a special label to the asset.
Coinbase added an experimental label to GAL, which it often does for new projects with lower trading volumes in order to warn investors about their potential volatility.
Binance listed the token in its “Innovation Zone,” a dedicated trading space for assets that could be more prone to rapid price swings.
Additionally, Seychelles-based crypto exchange KuCoin listed the project, as did popular crypto exchange FTX, which is based in The Bahamas.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Charming Decor Art/Natalia Siiatovskaia
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