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Coinbase Introduces Ethereum-Based Gaming Token Amid Trading Turbulence

Coinbase Introduces Ethereum-Based Gaming Token Amid Trading Turbulence

Coinbase, a US-based cryptocurrency exchange, announced that it has launched a new Ethereum-based gaming altcoin that was recently listed on its platform.

The crypto asset, Prime (PRIME), experienced some initial trading issues, which caused Coinbase to pause trading temporarily. However, the exchange has since resolved the problem and resumed trading.

Echelon Prime Foundation

The Echelon Prime Foundation created PRIME. This non-profit organization aims to promote growth in the gaming industry by providing tools for innovation in gaming models and economies.

The community of the Echelon ecosystem elects the foundation’s members, and with the creation of new games, the community of stakeholders will grow to include each game community formed.

The governance platform of Echelon will eventually become available, and 11 leaders, called Emissary Primes, will run the foundation. These Emissary Primes will be selected through governance mechanisms to determine the foundation’s future beyond the proposed architecture.

PRIME token supply and price

PRIME serves as both a utility and governance token for games in the Echelon ecosystem.

READ MORE: Altcoin Surges 40% Amid Market Correction – Here’s Why

It has a fixed supply of 111,111,111.111 and the initial distribution of the token is as follows:

  • 30% to Echelon ecosystem P2E pool
  • 4.26% to seed PRIME staking pool
  • 2% to seed PRIMEset staking pool
  • 11% to Echelon-approved Primary NFT asset staking pool
  • 4.25% to Echelon-approved digital asset owners
  • 2.25% to PRIMEset holders
  • 15.4% to PRIME Ecosystem founding team 1
  • 4.6% to Parallel Studios token reserve 2
  • 16.24% to PRIME Ecosystem Investors 3
  • 10% to Echelon Prime Foundation Token Reserve

Coinbase has classified PRIME as an experimental asset, a label given to altcoins that may have higher volatility and lower trading volume compared to other assets on the exchange.

Despite debuting at a high of $7.37 on March 2nd, the price of PRIME has fallen by over 53% in less than a week, currently trading at $3.43 at the time of writing.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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