Coinbase, a premier cryptocurrency platform, has officially announced the upcoming launch of the Seamless Protocol governance token, SEAM. Notably, SEAM is set to become the inaugural and exclusive Base Native project token available for trading on the exchange. At the same time, Seamless Protocol, the brains behind the innovative Base lending protocol, revealed plans for a generous airdrop of 400,000 SEAM tokens. Eligible recipients can anticipate receiving their SEAM tokens within a three-month timeframe.
Coinbase will add support for Seamless [SEAM] on the Base network [ERC-20 token]. Do not send this asset over other networks, or your funds may be lost. Transfers for this asset are available on Coinbase in the regions where trading is supported.
As per the official announcement, trading for SEAM is scheduled to kick off on or after 1 PM ET on December 11, 2023, upon meeting liquidity conditions. Once an ample supply of SEAM is established, Coinbase will initiate trading on SEAM-USD pairs in a phased manner. It’s important to note that SEAM support may be subject to restrictions in certain jurisdictions where Coinbase operates.
For those eager to engage with SEAM on the Base network, the ERC-20 token contract address is 0x1C7a460413dD4e964f96D8dFC56E7223cE88CD85. This announcement marks a significant development in the cryptocurrency space as Coinbase expands its offerings to include the pioneering SEAM token, providing users with a new avenue for participation in the evolving crypto landscape.
Coinbase Stocks Drop
Meanwhile, the crypto market experienced a significant retracement, triggering a “flash crash” in both Bitcoin and various altcoins. This sudden downturn has raised concerns about the possibility of an impending bear market. The overnight decline in BTC’s value also led to a substantial decrease in the stock prices of major companies associated with cryptocurrencies. For instance, MicroStrategy [MSTR], which holds nearly 175,000 BTC in its treasury, witnessed a 6% decrease, while the shares of the crypto exchange Coinbase [COIN] dropped by over 5%.
Bitcoin mining companies listed on the Nasdaq, including Marathon Digital Holdings [MARA], Riot Platforms [RIOT], Hut 8 [HUT], and CleanSpark [CLSK], experienced even more significant losses ranging from 10% to 15% during late-morning Monday trading. Despite the cautious optimism among investors, some entities’ shares have more than doubled since the beginning of the year, driven by the crypto market’s rally, decreasing interest rates, and heightened expectations for potential regulatory approval of a spot bitcoin exchange-traded fund [ETF] in the United States.