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As a significant development in the cryptocurrency world, Coinbase is preparing to offer support for Hivemapper (HONEY). The exchange emphasized that to prevent any potential loss of funds, HONEY transactions must strictly take place within the Solana network. Additionally, Coinbase users in supported regions will be able to access transfers for this asset.
Start of Trading for Hivemapper (HONEY) and Key Details
Trading activities for Hivemapper (HONEY) on Coinbase are expected to begin on January 17, 2024, at 20:00 Turkey time, depending on liquidity conditions being met. It is crucial for users to be cautious and adhere to network specifications during asset transfers. Once sufficient HONEY supply is ensured, trading in HONEY-USD pairs will occur in phases.
While Coinbase is expanding its support for HONEY, it also reminds that this support may be subject to restrictions in certain supported jurisdictions. Users should be aware of the regulatory environment in their regions to comply with compliance measures.
Navigating the Transition to the Solana Network
Coinbase, while facilitating the addition of Hivemapper’s (HONEY) to the Solana network, reminds users to be cautious to avoid potential complications. The Solana network, with its SPL token program, offers a unique ecosystem that requires adherence to specific transaction protocols. Therefore, to prevent fund loss, the exchange reiterates the necessity to strictly limit HONEY transactions to the Solana network.
The addition of HONEY to Coinbase represents a significant opportunity for investors to engage with a dynamic asset within the Solana network. The phased initiation of trading in HONEY-USD pairs underscores Coinbase’s commitment to introducing this asset to the trading platform smoothly and systematically.
Following the development, a sharp increase in the price of Hivemapper (HONEY) is observed. At the time of writing, the cryptocurrency HONEY’s price has risen by approximately 45%, reaching $0.32.
