The world-famous cryptocurrency exchange Coinbase announced its NuCypher (NU) support. Users started to transfer NU coins to their accounts as of yesterday. Coinbase announced that it will list NuCypher tomorrow, with the required liquidity conditions met. What is NuCypher (NU), whose price has more than doubled as a result of the announcement?
Coinbase, one of the leading cryptocurrency exchanges, gave the good news of NuCypher (NU) with its blog post. Coinbase announced yesterday that it can start transferring NU to exchange users’ accounts. Coinbase reported that NU support will be provided in all regions where the exchange serves. According to the statement made by Coinbase, NU coin transactions are planned to be launched on Wednesday, December 2, with the liquidity conditions met.
Announcing that NU transactions will start in 4 stages, Coinbase; announced that users can trade on NU / USD, NU / BTC, NU / EUR and NU / GBP parities. The NU price rose sharply after the announcement, which could be called the Coinbase effect. The price, which was below $ 0.0750 yesterday, surged to $ 0.1604 with the momentum of the Coinbase announcement. Continuing its rising, NU price has increased by 134% in the last 24 hours to $ 0.1695.
What is NuCypher (NU)?
NuCypher defines itself as an encryption network that provides data privacy and key management for decentralized applications and protocols. NU is an ERC-20 token that can be staked to run a node on the NuCypher network. The NU coin is currently available on the Uniswap platform outside of Coinbase.
The NuCypher project was developed by MacLane Wilkison and Curve’s founder Mikhail Egorov. The duo made their first trials for NU in 2017. The Ethereum-based NuCypher network works with the Proof of Stake algorithm. The maximum supply for the NU is set at 3 billion 885 million 390 thousand for the first stage. The daily trade volume for NuCypher, which started its network life on October 15, 2020, is $ 12.5 million.