Algorand's ALGO token listing on Coinbase Pro, price jumps 11.85%

The Coinbase Pro announcement of Algorand's ALGO listing pushed the price up from $0.727 to $0.814 within 40 minutes, an 11.85 percent increase-and wicking the price as high as $0.841.

Algorand-a Boston-based blockchain company created to improve blockchain decentralization, scalability, and security-made the news last month after it completed a $60 million token sale.

The company's token sale implied that Algo token's market capitalization was close to $6 billion, which would make it the seventh-largest coin.

Today, Coinbase announced it was listing the coin on Coinbase Pro, the crypto exchange's professional trading platform.

The price surged as a result, historically in line with the "Coinbase Effect."

Following the announcement, the price of ALGO went from $0.727 to a high $0.841-up 15.7 percent-within 40 minutes.

For the bulk of trading the highest the token traded at was $0.814, up 11.85 percent.

Aug. 2 Algorand announced an "Early redemption" program that allowed users to sell-back tokens for an 85 percent refund on the token's auction price.

The news caused the price of the token to skyrocket, sending it from $0.558 to $0.820 from open to close on record volume of $284 million.

Follow Coinbase Pro on Twitter for real-time updates on when ALGO will move from transfer-only to full trading on the exchange.