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Gemini said that this decision comes amid its efforts to support projects that redefine the boundaries of finance, gaming, and art, and offer more financial independence.
Cryptocurrency exchange Gemini owned by Bitcoin billionaires Winklevoss twins is now expanding its support for some additional tokens. On Monday, March 22, the Gemini exchange announced support for seven new tokens with use cases in Web3 infrastructure, decentralized finance (DeFi), as well as gaming and non-fungible tokens (NFTs).
The DeFi tokens added by Gemini include Bancor (BNT) and 1inch Exchange (1INCH). Similarly, the blockchain infrastructure tokens include The Graph (GRT), SKALE, and Loopring (LRC). Whereas the gaming-centric tokens are Enjin Coin (ENJ) and The Sandbox’s in-game SAND currency. While Gemini already offered custody support for ENJ previously, it has now added trading support as well. The official announcement from Gemini states:
“Deposits for these tokens are now open, and trading availability for all six new tokens and ENJ will soon follow, launching first on our API/FIX and our ActiveTrader™ platforms for USD trading pairs. Trading on our mobile application and website will open on a rolling, token-by-token basis for USD, GBP, EUR, CAD, AUD, HKD, and SGD trading pairs”.
With these new additions, Gemini now offers custody support for a total of 33 tokens.
Gemini Supports the Rapidly Evolving DeFi and NFT Market
So far in 2021, the decentralized finance (DeFi) market has registered explosive growth. The total valuations of the DeFi space have surged nearly 8x since the beginning of this year. On the other hand, the NFT marketplace has seen wild interest over the last month. As per DappRadar, there was nearly $350 million of trading volume registered in NFTs in February 2021. In its announcement, Gemini notes:
“Our industry is constantly evolving with new projects that promise to redefine the boundaries of finance, gaming, and art, and offer more financial independence. As the Decentralized Finance (DeFi) revolution has come into bloom, over the past weeks we have seen an explosion of interest around digital art and NFTs (non-fungible tokens), and we are excited to continue supporting the development of the space. As we advance our effort to empower the individual through crypto, support for these new tokens allows us to continue building a decentralized community of empowered investors.
Ahead this year, more exchanges are likely to follow the suite.