Leading US-based cryptocurrency exchange, Kraken announced Tuesday that it will list ALGO, the native token of the Algorand project which allows users to create tokens and launch decentralized applications.

The new listing comes roughly six months after Algorand, rolled out its proof-of-stake blockchain created by Silvio Micali, a professor at MIT and Turing award winner in June 2019.

Algorand sets to differentiate itself with a design that lowers barriers to entry for its users to contribute to its operation. It claims to be the “first technology to build and develop the world first open, permissionless, a pure proof-of-stake blockchain protocol that, without forking, provides the necessary security, scalability, and decentralization needed for today’s economy.

According to sources, notable investors including Union Square Ventures have purchased ALGO tokens in advanced sales designed to spur the development of the project.

Meanwhile, regarding the new listing, Kraken mentioned that they will be enabling the deposits and withdrawal for ALGO at approximately 14:30 UTC on January 22, and the first trades will start shortly after funding is enabled. Also, the initial trading minimum is pegged at 50 ALGO.

Algorand (ALGO) Market Performance – Slightly Bullish

News of listing on one of the world’s largest cryptocurrency exchanges has seen Algorand (ALGO) gain roughly 4% in the last 24 hours, defying the negative price action for most of the top cryptocurrencies over the same period.

algorand (ALGO) Charts Kraken Listing

At the time of writing, ALGO was exchanging hands at $0.247, a little lower than the $0.249 value just after the news broke. Algorand (ALGO) also had a market cap of $130.6 million.

Source: Coinfo mania