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Cobinhood Adding Gas (GAS) and NEO (NEO)
Gas (GAS), along with NEO, will be one of the lucky currencies to get listed on Cobinhood! Seeing a currency getting listed on an exchange market is always an exciting thing to have, especially if the exchange market involved is one of the “big players”. Cobinhood, cleverly derived from the combination of words “coin” and “Robin Hood” (as stated by Captain Obvious!), is the first decentralized blockchain-based decentralized platform without fees, so having Gas and NEO welcomed on the board is actually a huge deal. Let’s see how the recent listing affected Gas as well as what this currency has been up to these days.
Cobinhood says YES to Gas and NEO
On March 28th, Cobinhood released a statement where this no-fee decentralized exchange platform updated the public on the most recent news. The news was revolving around NEO and Gas, as Cobinhood representatives announced that these currencies will be joining the existing list of currencies being traded on their platform.
The Cobinhood team added that these currencies will be available for live trading on their platform as of April 6th, which matches the date of this writing. That being said, we are now able to invest in NEO and Gas with no fees policy that no one ever said “No” to as these two currencies are now available for live trading on Cobinhood as well.
Neo and Gas started off strong with promptly acquiring a nickname “China’s Ethereum”, considering the fact that NEO platform is dealing with decentralized applications just like Ethereum.
Although Gas is somewhat less appreciated in oppose to NEO – Neo is ranked among top ten currencies as the 9th best currency according to global coin report list, while Gas is ranked as number 70 on the list. Also, if you take a look at the market state of these digital assets, you will notice that there is a huge gap in the price difference as well. However, this is not an odd case since it is a fact that Gas actually represents a token hosted by NEO and Neo platform.
There is also a crucial difference between the two, where NEO is “stronger”, both technologically and on the market, probably given the fact that NEO actually “gave birth” to Gas.
While Neo is being used for providing voting rights within Neo platform, also representing the shares of NEO that you own, Gas represents a token created by NEO. At every processed block in NEO’s blockchain network, a user gets 8 GAS tokens. The production was then reduced to generating 1 GAS per 2 million processed blocks.
Gas is actually very important for Neo platform as this token serves the purpose of paying for running smart contract operations, which means that Gas is actually powering up smart contracts, which is one of the most important features that Neo has as a platform.
Due to the occasion of adding both, Gas and NEO to the list of trading coins, Cobinhood representatives added that they are constantly trying to meet the needs of their users, so they are working on adding new coins and tokens. However, they need to make sure that the coins they are adding are worthy of being added.
That says a lot about NEO and Gas, so it is a bit odd that only a bit more than a week later, both of this currencies are suffering from losses while trading in the red.
Besides from having Gas and NEO listed, Cobinhood also accepted Bitcoin Cash (BCH).
Cobinhood is also planning on finding more worthy coins to add to the trading list while they are working on creating corporate accounts that will enable lots of handy perks including the increase of withdrawal limits.
How NEO and Gas are doing at the Current Moment?
After the latest change in the market, Gas is being traded in the red with -14.69% of drop against the dollar. Gas is also trading in the red and down against BTC and NEO, dropping by -2.42% and -0.56%.
Given the recent negative changes, this token can now be bought for 14.14$ per one GAS token. Gas reached its record price on January 16th, when most currencies were experiencing massive gains in the market. On this occasion, GAS hovered around 85$ per one unit, but it dropped to the current price of a bit over 14$ in only 8 weeks.
Neo is also trading in the red after the most recent change in the market. This coin fell down against the dollar by –4.07%, which is still significantly better than its token, GAS. NEO is also trading down in the red against BTC, dropping by -1.79%.
At the current moment, you can buy Neo for 44.76$ per one unit.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Arran Bee via Flickr