Coinbase, one of the world's largest cryptocurrency exchanges, announced on Twitter that it will list the Sui Network (SUI) altcoin on its platform.
Sui Network is a first-of-its-kind Layer 1 blockchain and smart contract platform designed to make digital asset ownership fast, private, secure and accessible to everyone, according to the developers.
According to Coinbase's blog post, users can now transfer SUI tokens to their Coinbase account, but they should not send this asset over other networks or their funds may be lost. Trading will begin on or after 19:00 CEST on May 18, 2023, provided the liquidity conditions are met. Once there is sufficient supply of this asset, trading on Coinbase's SUI-USD trading pairs will be phased out.
The exchange also stated that the SUI token will not be available for purchase in some countries.
Coinbase will add support for SUI with its Experimental tag, which means the asset is new and has limited information. Users should do their own research and be prepared for higher volatility and lower liquidity before trading this asset.
Sui Network's object-centric model, based on the Move programming language, provides parallel execution, sub-second precision, and rich on-chain assets. Its native token SUI is used for network fees, governance and staking.
*Not investment advice.