Ramazan Eles 
Coinbase, the largest cryptocurrency exchange in the US, has announced the listing of a new altcoin, Pirate Nation Token (PIRATE).
PIRATE is an ERC-20 token on the Ethereum Mainnet and serves as a utility token for ‘Pirate Nation’, a play-to-earn crypto game developed by gaming studio Proof of Play. Proof of Play is led by FarmVille co-founder Amitt Mahajan.
The company raised $33 million in a seed funding round last September backed by a16z crypto, Anchorage Digital, and Naval Ravikant.
“The core principle behind the design of the PIRATE token is to make Pirate Nation a better, more engaging game while simultaneously creating a utility and rewarding our dedicated community,” Mahajan said.
“We believe that Proof of Play points reward players for participating in the Proof of Play ecosystem,” he added.
According to CoinGecko data, the price of PIRATE surged by 114% following the Coinbase announcement. The token is currently trading at $0.2646 and has a trading volume of $72.1 million.