Singapore-based digital asset exchange Crypto.com is following in the footsteps of other leading exchanges and listing a new Ethereum (ETH) based altcoin focused on developing the Web3 space.
Crypto.com recently rolled out support for Project Galaxy (GAL), which bills itself as the world’s largest Web3 adoption network.
The project’s original token, GAL, was launched earlier this month and has seen its price drop almost 75% from an all-time high of $18.32 on May 6 to $4.71 at the time of writing.
GAL is used for governance in the Galaxy Decentralized Autonomous Organization (DAO) project. GAL token holders can set the platform fees collected by the protocol and control the funds held by the Galaxy Project’s Community Treasury.
Binance and Coinbase both listed Project Galaxy earlier this month, each with a tag attached to the asset.
Coinbase has added an experimental designation to the GAL, which it often does for new projects with low volumes to warn investors of their potential.
Binance has included the token in its “Innovation Zone,” a trading space dedicated to assets that may be more vulnerable to rapid price fluctuations.
In addition, the project was listed by KuCoin, a Seychelles-based crypto exchange, as did the popular Bahamas crypto exchange FTX.
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Featured Image: Shutterstock / Charming Decor Art / Natalia Siiatovskaia