Coinbase has announced its intention to add support for Omni Network on the Ethereum network (ERC-20 token) by listing its newly launched token OMNI.

OMNI To Trade Against BTC and USDT

According to the American crypto trading platform, OMNI trading is supported on its spot exchange, hence investors are advised to avoid sending the asset over other networks or risk losing their funds. Depending on whether liquidity conditions are fulfilled, trading of OMNI on Coinbase will commence on April 17. 

In the near future, it is expected that trading pair options for the token like OMNI-USD will be released in phases. This is, however, hinged on the availability of a sufficient supply of the token. OMNI will also trade against major cryptocurrencies like BTC, USDT, and BNB.

News of the Coinbase listing comes a few hours after Omni Network revealed the launch of the token which it described as a historic milestone for its ecosystem. 

Coinbase will add support for Omni Network (OMNI) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported

— Coinbase Assets (@CoinbaseAssets) April 17, 2024

The token is a product of several years of development by the Omni team. Ultimately, the Omni Network is designed to bring revolution to Decentralized Applications (DApps) through the unification of Ethereum’s scaling solutions into a cohesive system. In other words, it is a blockchain platform that provides interoperability between Ethereum rollups. 

Immediately after the launch of the OMNI token, claims and staking were made available on the platform. This means that eligible addresses get to claim their Genesis airdrop. OMNI token trading commenced on leading cryptocurrency exchange Binance at 8 AM EST. 

Markedly, the trading of OMNI is restricted in certain jurisdictions that do not support the token.

Omni Network Bags Support From Ecosystem Players

Noteworthy, Binance added the Omni Network to its Launchpool a few days back. This made the Ethereum integrated roll-up layer the 52nd venture on Binance’s breeding ground for promising projects. This strategic partnership also gave Launchpool access to 3.5% of the total token supply of 100 million, fostering a brilliant approach to facilitate circulation and adoption of OMNI. 

Like Coinbase, prominent liquid staking protocol Ether.Fi also announced its support for the Omni Network by signing a $600 million delegation deal with its operators. The alliance aims to strengthen the security and performance of the Omni Network

Following the Coinbase listing, OMNI price has slumped by 22.43% as the token is currently trading at $5.28, indicating a negatively skewed intense market volatility.

The post Omni Network (OMNI) Hit With Intense Volatility As Coinbase Unveils Listing appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am