Great news for the crypto Axelar (AXL), a cross-chain integration protocol that helps developers create dApps. Enable transactions between different crypto networks within a platform.
Apparently, Axelar is up 50% in one week. It seems that the AXL coin has been pumped up rapidly in recent days. The corresponding project has secured the support of a listed cryptocurrency exchange.
Axelar (AXL) crypto on the rise thanks to Coinbase
At present, Axelar supports Ethereum (ETH), Cosmos (ATOM), Avalanche (AVAX), Polygon (MATIC), BNB Chain (BNB), Osmosis (OSMO), Fantom (FTM), Moonbeam (GLMR), Juno (JUNO), Injective (INJ), Secret Network (SCRT) and Kujira (KUJI).
In its functionality, developers can easily develop a cross-chain pool. To exchange messages or information or even token transactions between different networks via the Axelar protocol.
Two days ago, Nasdaq-listed cryptocurrency exchange Coinbase announced it was adding support for the Axelar protocol’s native coin. Coinbase has therefore suggested that users deposit AXL coins only on the Axelar network, otherwise the funds will be lost, in which case they will only be recoverable for users based in selected regions where AXL trading is allowed.
The news is also reported on Coinbase’s official Twitter profile, which reads:
Coinbase will add support for Axelar (AXL) on the Axelar network. Do not send this asset over other networks or your funds may be lost. Inbound transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets (@CoinbaseAssets) February 6, 2023
Thus, on 7 February 2023 at 9:00 AM (PT), the trading of AXL coins began on the Coinbase platform. The current price of AXL coin is $0.939 and this trading rate has increased by 50% in the past 7 days.
Partnership between Axelar (AXL) crypto, Chainflip and Squid
Chainflip, the cross-chain DEX scheduled to launch in mid-2023, has launched its partnership program and unveiled plans to create a two-way integration between Chainflip and Squid, the recently launched cross-chain token exchange service.
Specifically, this partnership will offer Chainflip and Squid users even greater access to cross-chain exchanges between a wider variety of blockchains, powered by Axelar.
The first task in this new partnership is to try to develop a mutual web interface integration, which will see web apps created for Chainflip and Squid that support the other, aggregating exchanges to chains that the other cannot yet support.
To give an example, users of Squid and other products in the Axelar ecosystem will be able to exchange native BTC through Squid’s web interface by routing at least part of the exchange through the Chainflip protocol.
Similarly, users will be able to exchange assets on one of the many Ethereum chains supported by Axelar and Squid when using Chainflip’s main web interface. This collaboration is designed to make it as easy as possible for builders to create the experiences they are envisioning, without having to learn and develop multiple standards to access as many chains as possible.
Chainflip CEO Simon Harman said on the subject:
“This two-way integration between Chainflip and Squid will greatly improve both pricing and access to more resources for users of both products, and is a huge step forward in making cross-chain products much more competitive.
We find it vital that like-minded partners in the DeFi ecosystem find ways to work together in this way to replace centralized exchanges.”
Coinbase and the problems with insider trading
It is important to note in this context that almost every cryptocurrency exchange has its own strict policy to ensure the prevention of misuse of information about the company’s future plans and to prohibit insider trading.
In mid-2022, a former Coinbase executive was found guilty of a case of insider trading. The former employee was informing his brother in advance about future coin listing information.
Because of the case of insider trading at Coinbase, some agencies launched an investigation against the high-level cryptocurrency exchange Binance. A Binance executive confirmed that the exchange’s policy is very strict to prohibit insider trading.
The Binance team is also actively tracking all cryptocurrency trading activities of its employees.
Indeed, as can be read on Twitter:
He Yi, the co-founder of Binance, said that no employee of Binance, regardless of level, is allowed to conduct personal short-term cryptocurrency transactions, and must hold the position for more than 90 days before trading.
— Wu Blockchain (@WuBlockchain) January 10, 2023