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DeFi is undoubtedly the flavor of the season, but fortunately for all its advocates and users, it is not a bubble burst scheme that might just end very soon. And this is why top crypto enthusiasts and entrepreneurs are spending resources to bring innovation. Not just that new projects are embraced so that the potential of each could be unraveled.
Gemini Cryptocurrency exchange by the popular Winklevoss brothers also is one such entity. It has recently announced the listing of seven new DeFi tokens which includes the hugely popular ones like Uniswap’s UNI and Yearn. Finance’s YFI. But that’s not all, the exchange also announced that it is adding Balancer (BAL), Curve (CRV), Ren Network (REN), Synthetix Network (SNX), Uma (UMA). Gemini is also adding five new crypto assets that aren’t related to DeFi: Decentraland (MANA), Kyber Network (KNC), Maker (MKR), Storj (STORJ), and 0x (ZRX) to its strong and diversified kitty of tokens.
Source: Twitter
With these 7 additions, the exchange boasts of supporting 24 tokens for trading. It is also adding Wrapped Bitcoin (WBTC). Keep Network (KEEP) and tBTC for custody which takes the count of crypto assets supported for custody to 34. Gemini also expressed that as the liquidity builds in the system, tradings done on its web and mobile applications will initiate on a rolling, token-by-token basis. Gemini is currently offering its users in the state of New York these DeFi tokens. On the other hand, its rival Coinbase currently has disallowed the residents of the state to trade on its platform.
Gemini exchange’s co-founders the Winklevoss brothers have categorized the exchange as the one name everyone can trust. Reflecting this, Type and Cameron Winklevoss, the twins wrote:
“We believe in the potential of DeFi and are here to help usher in this next wave of growth and financial innovation for the world … By supporting these DeFi tokens, we aim to provide you with a simple and secure way to acquire and store these tokens so you can participate in the DeFi ecosystem.”
Earlier on, we reported that Binance, one of the largest exchanges in terms of trading volume also believes in backing new potential projects. Binance was seen listing several new tokens including the much-controversial SUSHI for which it received a lot of flak. Yet, the exchange clarified that it believed in exploring the true potential and that if new projects are not encouraged and pushed, the DeFi sector might just lose its steam.
As for Gemini, the DeFi token listing came shortly after the exchange had announced that it has now been officially launched in the UK. With its presence now marked in the UK, it will start supporting the British Pound (GBP). This way it will be able to provide a much more personalized or localized experience for the UK residents. They will be able to buy crypto by using either their GBP-based debit card or even by depositing GBP in their banks through the Gemini fiat wallet.