New-York-based cryptocurrency exchange Gemini has finally decided to include support for DeFi tokens looking at the latest frenzy around DeFi coins in the market.
The decentralized finance (DeFi) craze is for real and has even many big players to participate in. On Friday, September 25, the New York-based cryptocurrency exchange Gemini announced support for 15 new DeFi tokens including some of the most popular ones like Uniswap (UNI) and Yearn.Finance (YFI).
1/2 Today, we have added new support for 15❗️additional #DeFi tokens. 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.
— Gemini (@Gemini) September 25, 2020
DeFi presents a strong alternative to the traditional banking system and also brings the promise of permissionless banking. Over the last few months, the DeFi market has entered a bull run with the skyrocketing price of DeFi tokens. Gemini is not the first crypto exchange to warm to the DeFi frenzy. Crypto trading platform Binance has also announced several initiatives in the DeFi space. Gemini official blog post notes:
“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. We are excited by the number of worthy DeFi projects being built by impressive, dedicated teams that are already helping individuals around the world become their own bank and achieve financial freedom”.
Gemini’s listing of DeFi tokens also gives a big push to the DeFi markets. Gemini is one of the first crypto exchanges to get BitLicense, one of the toughest regulatory licenses approved by the New York State Department of Financial Services (NYDFS). The latest announcement also makes Gemini the first and only crypto exchange in New York to offer trading and custody for DeFi tokens.
15 DeFi Tokens Supported by Gemini
Gemini announced support for some of the most popular DeFi tokens in the market. Seven completely new DeFi tokens get support for trading and custody on Gemini. This includes Uniswap (UNI), Balancer (BAL), Uma (UMA), Synthetix Network (SNX), Curve (CRV), and also Yearn.Finance (YFI).
Besides, there are also other five tokens that Binance just upgraded from custody only to now at both – custody and trading. These are Kyber Network (KNC), Decentraland (MANA), Storj (STORJ), Maker (MKR), and 0x (ZRX). And the remaining three new DeFi tokens getting custody are Keep Network (KEEP), Wrapped Bitcoin (wBTC), and tBTC.
With these latest additions, Gemini now offers custody and support for 24 tokens. Similarly, it offers only custody support for 10 cryptos. Gemini’s DeFi announcement just a day after it officially announced expanding all of its operations to the United Kingdom.
After receiving a green signal from the UK FCA, Gemini said it will offer all of its crypto services in pound Sterling (GBP). Not sure, if Gemini will also bring the DeFi token support for British residents.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.