Clover Finance (CLV) Launches on Coinbase Pro

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Support for Clover Finance (CLV) will only be available in the United States with the exception of New York residents.

Clover Finance (CLV), a foundational layer for cross-chain compatibility, announced the inbound transfer of ERC20-based CLV on Coinbase Pro. Support for Clover Finance (CLV) will only be available in the United States with the exception of New York residents.

Notably, Coinbase announced that trading will commence immediately only if the conditions are met. “Once sufficient supply of CLV is established on the platform, trading on our CLV-USD, CLV-EUR, CLV-GBP, CLV-USDT order books will launch in three phases, post-only, limit-only, and full trading. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules,” Coinbase noted in a Medium blog post.

Subsequent updates are expected from the Coinbase official’s Twitter account. Notably, CLV has not been made available on the consumer mobile application or via the Coinbase.com platform. However, Coinbase indicated the listing may change depending on the demand and also the liquidity level. According to the crypto exchange, it deploys strict listing rules to protect its customers from unhealthy market players. Furthermore, the cryptocurrency industry is maturing and not fully regulated by various jurisdictions.

Ranked position 2571 according to Coinmarketcap metrics, CLV was trading around $0.765 at the time of reporting, down 76.13% in the past 24 hours. Notably, the asset has dropped from trading around $42.21 at the end of April to below a dollar.

Clover Finance (CLV) and Crypto Market

Clover Finance (CLV) is unique due to the fact that it utilizes BIP-Schnorr compatible threshold signatures to enable meaningful cross-chain communication between networks. As a result, developers can interact seamlessly between one blockchain to another at a minimal cost and fast speed.

The CLV token has several use cases in the Clover Finance ecosystem. First, it is used as the governance token to enable the community to vote on the system upgrades. Secondly, CLV is used to pay for transactional fees on the platform.

According to the Clover finance Litepaper, the platform provides a perfect gateway to a decentralized financial ecosystem for everyone including those new to the industry.

Notably, Clover Finance has an inbuilt EVM-compatible infrastructure to help developers migrate existing decentralized applications to their desired and supported blockchains.

As a result, the platform gets a competitive edge against other cross-chain players.

Although there is a huge demand for a decentralized financial ecosystem, those providing a linkage between the real world and the digital world at an affordable price win the market.

Dogecoin Spikes on Elon Musk’s DogeShades; Why Clover Finance, Electroneum Rallied Massively Amid BTC Price Lag

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Dogecoin (DOGE) is stealing the show with its latest rebound from lows of $0.171. This time, Elon Musk didn’t tweet about Dogecoin but he did change his Twitter profile picture, which now has Musk with a pair of aviators looking all dapper -with Dogecoin reflected in the glasses. His Twitter Bio also reads ”meme necromancy while u wait”. At the time of writing, Doge was trading at $0.19, up 9.55% in the last 24 hours.

On the other hand, Bitcoin (BTC) bulls seem to have defended the $31,000 level again, following a mild intraday rebound to highs of $31, 949 during the Saturday session. The Altcoin market is reflective of Bitcoin price action. As of press time, the daily losses recorded across the board were dissipating and some Altcoins even began posting a rebound.

Hedera Hashgraph (HBAR, +1.87%), Polkadot (DOT, +1.33%), Ethereum Classic (ETC, +1.70%), IOTA (MIOTA, +5.23%), NEM (XEM, +11.98%), SushiSwap (Sushi, +10.59%), Holo (HOT, +4.30%) were seen posting mild recoveries in the last 24 hours.

Notably, Bitcoin (BTC) remains in a sideways range since May, as much as 54% lower than its peak. Analysts say Bitcoin might be prepping for a price breakout – higher or lower – after trading in a range between roughly $30,000 and $40,000 for the past eight weeks.

Why Clover Finance, Electroneum rallied massively

Clover Finance is a Polkadot parachain, committed to providing easy-to-use blockchain infrastructure and creating a one-stop EVM compatible framework for substrate-based applications.

Bullish news of Coinbase Pro listing sent Clover Finance (CLV) to all-time highs of $2.29 on July 17, while gaining nearly 193% in the process. On July 15, the network announced ”Clover Finance inbound transfers are officially accepted on CoinbasePro with the ERC-20 version of CLV”. This also coincides with a separate listing both on Kucoin and FTX.

Electroneum (ETN) is a mobile-phone-based crypto platform that offers an instant payment system. Positive speculations that Electroneum would be joining forces with Ripple Labs and Quant network to form the ‘Digital Pound Foundation Limited’ to create a CBDC for the UK sent ETN price flying from lows of $0.006 to intraday highs of $0.0149, rallying nearly 148%.

The ETN Network blockchain upgrade is also under intense testing to ensure it remains secure and operational.

Coinbase Adds Support for New Crypto Project As Listing Spree Continues

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Coinbase continues to support new crypto projects at a rapid rate, with the addition of Clover Finance (CLV) on Coinbase Pro.

Clover Finance is a blockchain operating system designed to bridge assets on various blockchains, making it easier to transact. The CLV token pays for transactions and enables votes for upgrades.

Coinbase is listing coins at a rapid rate in 2021, and recently added Mask Network (MASK), Rally (RLY), BarnBridge (BOND), Livepeer (LPT) and Quant (QNT) to Coinbase Pro.

CEO Brian Armstrong said earlier this month that the top US crypto exchange is working to list as many altcoins as possible. He added that his company is currently looking at more than 100 altcoins.

Coinbase Pro will offer CLV order books trading on the dollar, the pound sterling, the euro, and Tether (USDT). CLV is not available on Coinbase.com or the company’s consumer mobile apps.

CLV is trading at $1.10 at time of writing, down from $4.63 on July 14, according to Coinbase.

Some people in the crypto community might have confused Clover with a separate project using the same ticker symbol. A different Clover (CLV) project skyrocketed from a low of $4.51 on Thursday to a high of $51.48 after the Coinbase announcement. That asset is trading at $26.15 at time of writing, according to CoinGecko.

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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/ArtStudio29

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