A new Ethereum (ETH)-built monitoring and security altcoin is joining the leading US-based crypto exchange.
In a new announcement, Coinbase says Forta (FORT) will be available to trade on the platform under the experimental label.
Coinbase applies the experimental label to “assets that are either new to our platform or have relatively low trading volume compared to our broader crypto marketplace.”
According to the project website, Forta brings real-time monitoring to Web 3.0 by way of “a decentralized monitoring network to detect threats and anomalies on DeFi [decentralized finance], NFT [non-fungible token], governance, bridges and other Web3 systems in real-time.”
The native asset FORT is built on Ethereum and follows the work token model, meaning that users must stake FORT in order to run nodes on the network.
Silicon Valley-based investment firm Andreessen Horowitz also revealed it was leading the latest round of funding for Forta.
“Reimagining cybersecurity solutions for a decentralized world is a necessary step to allow technological development to proceed unfettered. Currently, developers are forced to build homegrown solutions to security ops and smart contract audits are done as a one-time security measure.
With Forta, developers can build off-the-shelf, generalized security tooling for the first time, allowing teams to ship faster with lower risk.
Forta has the potential to be a fundamental public utility that serves the entire crypto space, securing DeFi, NFT, and DAO [decentralized autonomous organization] ecosystems as well. Securing blockchains and digital assets is a critical part of driving mainstream crypto adoption…”
Forta launched less than a day ago with a value of $0.64, then increased by 50% to $0.96 before correcting.
At time of writing, FORT is trading sideways at $0.65.
