Mina Protocol’s native token – MINA – is leading the altcoin rally amid a new-found resurgence that propelled a surge of nearly 120% over the past day. The crypto asset climbed to $0.91 on October 24th.
The latest price action pushed MINA to levels last seen in March this year, but the token has lost some steam and currently sits below its local peak.
- The reason for the abrupt surge can be attributed to South Korea’s largest exchange, UpBit, announcing that it will list MINA’s Korean fiat currency trading pair.
- As per the announcement, deposits made to UpBit must be made on the MINA network, and deposits from other blockchains, such as the Binance Smart Chain, cannot be supported.
- The crypto exchange also said that it plans to enforce various limitations on trading for MINA.
- Mina was initially known as Coda Protocol. It underwent a rebranding in August 2019 due to a legal dispute initiated by R3, an enterprise blockchain company that also utilized the name Coda for its protocol.
- In terms of funding, the company secured $3.5 million in May 2018 and an additional $15 million in April 2019.
- Prominent backers include Circle, Coinbase Ventures, FTX Ventures, the now-defunct hedge fund Three Arrows Capital (3AC), and Dragonfly Capital.
- The Mina blockchain is currently under the governance of the Mina Foundation, a nonprofit organization responsible for overseeing the network, drawing parallels to the Ethereum Foundation.
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