New York-based cryptocurrency exchange Gemini has finally decided to include support for DeFi tokens in pursuit of the latest frenzy around DeFi coins on the market. The Crypto Exchange Gemini announced support for 15 new DeFi tokens. Including some of the most popular ones like Uniswap (UNI) and Yearn.Finance (YFI).
DeFi presents a strong alternative to the traditional banking system and also brings the promise of permissionless banking. In recent months, the DeFi market has entered a bull run with the skyrocketing price of DeFi tokens.
However, crypto exchange Gemini is not the first crypto exchange to rave about the DeFi frenzy. Crypto trading platform Binance has also announced several initiatives in the DeFi space.
15 DeFi tokens compatible with Gemini
Gemini announced support for some of the most popular DeFi tokens on the market. Seven brand new DeFi tokens get support for trading and custody on Gemini.
The tokens are: Balancer (BAL), Curve (CRV), Ren Network (REN), Synthetix Network (SNX), Uma (UMA), Uniswap (UNI) and Yearn.finance (YFI).
“We believe in the potential of DeFi and are here to help usher in this next wave of financial growth and innovation for the world,” said Cameron and Tyler Winklevoss, founders of Gemini. “DeFi promises more choice, independence and opportunity for all”.
Gemini is also adding commercial support for five more tokens: Decentraland (MANA), Kyber Network (KNC), Maker (MKR), Storj (STORJ), and 0x (ZRX). These are already backed by custody.
Additionally, Gemini supports three new tokens for its escrow service: Keep Network (KEEP), Wrapped Bitcoin (wBTC), and tBTC (tBTC). Gemini’s DeFi announcement just one day after it officially announced the expansion of all its operations to the UK.
DeFi Firewall Developed to Attract Institutional Traders
Custody provider Trustology has announced the launch of a new firewall that enables institutional DeFi market participants to use smart contracts across all protocols without any increase in latency or loss of ease and security.
In an announcement posted on its website, Trustology claimed that the service is the first of its kind in the world, providing wallet-level security and escrow services with the institutional user in mind. Without compromising on speed or scalability.
According to the announcement, the service was specifically designed for the needs of institutions that want to dive into DeFi investments. Trustology says it has taken into account the greatest need for regulatory compliance: Scalability and foolproof security in the post-2018 DeFi world.
In the midst of the DeFi hype, let’s remember this important event
- A couple of days ago, the popular decentralized finance trading site gifted its users with cryptocurrencies for an initial value of $ 1,200. Within hours, its price doubled.
- Uniswap is perhaps the most popular platform in the DeFi ecosystem. A few days ago, when he launched his own token, he gave away 400 units to all users who had used the service before September 1, 2020.
- A few hours later, the price of the asset, motivated by the uproar that arose on social networks, had doubled. There were even users who owned several cryptocurrency wallets associated with Uniswap, so, thanks to this stimulus from the company, they added several thousand dollars to their assets in the blink of an eye.
- Uniswap became the bastion of DeFi thanks to the simplicity with which it managed to turn heads the way it deals with financial assets (traditional or not).