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New Ethereum-Based Crypto Asset Surges After Receiving Surprise Support From Coinbase

A medium-cap altcoin is rallying after getting a big boost from Coinbase.

Coinbase Custody says it’s allowing users to custody the Ethereump-based decentralized finance (DeFi) project, Injective Protocol (INJ).

Since the announcement, INJ has rallied approximately 33% from $3.50 to a high of $4.67, according to CoinMarketCap.

Injective says it’s the first protocol to offer layer-two decentralized cross-chain derivatives trading.

The project’s native INJ token, which launched in late October, serves a variety of functions such as protocol governance, exchange fee value capture, derivative collateralization, liquidity mining and staking.

The token was launched through public offering this year and currently sits at a $67 million market cap. The project boasts some significant partnerships with the likes of Chainlink, Binance Smart Chain (BSC) and Matic.

The Coinbase news comes as a surprise, as INJ is not listed as one of the 14 assets which Coinbase is exploring.

The crypto exchange has not yet announced whether it will support INJ for trading. Since the beginning of December, Coinbase Custody has announced support for eleven new assets, five of which are currently tradable on Coinbase Pro.

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