Sei Token Soars After Coinbase and Binance Listings
- Crypto exchanges Coinbase, Binance, KuCoin, Bitget, Bybit, and Upbit have announced the listing of the SEI token.
- As of 10:26 p.m. ET Tuesday, the price of the altcoin has soared by more than 120% and is currently priced at $0.21.
- The mainnet beta was recently debuted, and it is optimized for high speed digital asset trading at scale.
- During its alpha phase, the blockchain saw over 400M transactions and 7.5M test wallets created.
The largest crypto exchange in the United States, Coinbase, has announced that it will be adding support for SEI, the native token of the Sei blockchain, whose mainnet went live on August 1. Interestingly, the price of the cryptocurrency skyrocketed not very long after the announcement went public.
Coinbase stated via a post on X (previously known as Twitter) that “trading is anticipated to begin later today, if liquidity conditions are met.” Immediately, the SEI token did not see an explosive price action, but a short time later, as of 10:26 p.m. ET Tuesday, the price of the altcoin has soared by more than 120% and is currently priced at $0.21.
Interestingly, multiple centralized crypto exchanges, like Binance, the largest digital asset trading platform by market capitalization, along with Bybit, Bitget, KuCoin, and South Korean crypto exchange Upbit, announced that they would be listing the SEI token. This gave the token a large audience, which resulted in a significant boost in trading volume.
Sei Labs announced the debut of the blockchain’s mainnet beta, adding that it is optimized for high speed digital asset trading at scale. Jeff Feng, the co-founder of Sei Labs, said in a statement that “current web 3 infrastructure is un-scalable, congested, and still too slow,” while adding:
“Sei is designed to let apps and other projects scale in a way that no other blockchain can, while also maintaining a user-friendly experience. Sei’s mainnet ushers in a new generation of applications in Web3 that enable the exchange of digital assets to scale to global adoption.”
The day the Sei blockchain mainnet debuted, developers claimed that around 400 million transactions were recorded and around 7.5 million test wallets were created. Further, the blockchain claims to process transitions in 0.5 seconds and process up to 20,000 transactions at a time.
Interestingly, as reported earlier by BitcoinWisdom, Coinbase and Binance are currently being investigated by the United States Securities and Exchange Commission (SEC) for providing US customers access to securities without registering their services with the regulator. Meanwhile, both exchanges have stated that their offerings cannot be considered securities.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
