Algorand (ALGO) FAQ

Announcement: As of August 14, 2019, Coinbase Pro has added Algorand (ALGO) to our supported assets. Please note ALGO is in transfer-only mode. For info about which products and regions will support the new asset, please see our Supported Digital Currencies page.
 

What is Algorand (ALGO)?


Algorand aims to solve some of the technical barriers of existing blockchain infrastructure. In particular, the project seeks to improve decentralization, scalability and security. Launched in June 2019, Algorand provides a foundation for existing businesses and new projects to operate globally in the emerging decentralized economy. Algorand’s permissionless, pure proof-of-stake protocol supports the scale, open participation, and transaction finality required to build scalable blockchain projects.

What is Proof-of-Stake?

Proof-of-stake is a type of consensus algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus. Please note that although this is a feature of ALGO, proof-of-stake/staking and voting are not currently supported on Coinbase.

Can I send ALGO to Coinbase? 

Yes, but please be sure to send ALGO to and from Coinbase the same way you send all other assets on the platform, within their own separate wallet to the correct address. Select the “Deposit” button next to your ALGO wallet to view your ALGO deposit address. 

  • There is a minimum withdrawal of 0.1 ALGO. This amount is needed for the blockchain to create an address.
  • For deposits, only the first deposit requires a minimum of 0.1 ALGO. All subsequent deposits have no minimum.
  • One confirmation is required by the blockchain for a send or receive to be available. 


If you send to an external (non-Coinbase) address or wallet that does not support ALGO, Coinbase is not responsible for that transaction. 

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