<

Revolut announced that it will expand support for 11 cryptocurrencies focused on DeFi, Cardano and Filecoin price reacts immediately

According to Revolut official press release, the London-based challenger bank states that 11 cryptocurrencies will be added to its exchange platform. As such, Revolut will expand further to support more cryptocurrencies.

Revolut bank announces support for 11 new cryptocurrencies

In an official PR post, the company announced that 11 new tokens will be added to its exchange platform in another attempt to satisfy customers’ appetite for cryptocurrencies.

The press release stated:

“You asked for new tokens, we’ve delivered. We’ve been tracking hot tokens and top movers to bring our UK and EU customers 11 new cryptocurrencies.”

These new tokens accepted by Revolut are very focused on the decentralized financial market. The company added support for Cardano, Uniswap, Synthetix, Yearn Finance, Uma, Bancor, Filecoin, Numeraire, Loopring, Orchid, and The Graph.

Revolut started July 2017, adding support for Bitcoin transactions. Soon after, it expanded its offering to Ethereum and Litecoin. In late 2018, it announced support for Bitcoin Cash and XRP, thus covering the cryptocurrencies with the most transaction volume at the time.

Then, in late 2020, it added support for EOS, Tezos (XTZ), OMG, and the decentralized 0X platform.

The decision this week is the company’s most ambitious move. This will be the most important number of tokens supported in a single batch. Another thing to consider is that, unlike the tokens listed before, some of these cryptocurrencies have a relatively low market cap when compared to the rest of the cryptocurrencies in the list of tokens with the highest trading volume.

Markets have responded slowly but optimistic after the Revolut announcements. However, the bullish dynamics of Bitcoin and Ethereum are also in their favor – perhaps even more so than Revolut. Cardano has risen almost 8% on the week, settling at a high of $ 1.29 before correcting to the current $ 1.27.

Filecoin, on the other hand, is on fire with a very strong uptrend that started early in the year. As for context only, on January 1, 2021, each FIL is just over $ 22, and today each token is trading above $ 177. Revolut’s influence seems a bit more obvious here. Filecoin is correcting down, reaching as low as $ 139. But as of April 8, it resumed a rally that took it to the current $ 179 even though it hit as high as $ 187. one day after notification.

The rest of the tokens have had mixed reactions this week. For example, Uniswap lost 3.15% and is currently trading under $ 30, but the Charts are up 5.85% at $ 1.93. In the same order of ideas, Synthetix is ​​down 7.31% but Yearn Finance has surged almost 20% in the same period.

So it cannot be precise to say Revolut has a direct effect on these tokens in general, but from a fundamental perspective this could be considered positive for those tokens as it will creating room for more liquidity, more traders, and more people joining the space.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS