Revolut bank announced its recent crypto foray as 11 new tokens will become available for trading with some of them having a small market cap so let’s read more in today’s altcoin news.
London-based challenger Revolut Bank announced that it will expand its support for more cryptocurrencies and in the official PR statement; we can see that 11 new tokens will be added to its exchange platform in efforts to satisfy its customers’ appetite for crypto. The new tokens embraced by Revolut are focused on the world of decentralized finance as the company added Uniswap, Syntehtix, Cardano, Uma, Bancor, Filecoin, Yearn Finance, Loopring, Orchid, Numeraire, and The Graph.
You asked for new tokens, we’ve delivered. We’ve been tracking hot tokens and top movers to bring you 11 new coins! Read more on the blog and check them out in the app today! Capital at risk https://t.co/yJ5NkwdQwb pic.twitter.com/Q5fpwVBpLW
— Revolut (@RevolutApp) April 8, 2021
Revolut’s history is well known in the crypto space and it started in 2017 with adding support for Bitcoin trading. Right after that, it expanded its offering to ETH and LTC. Later in 2018, it announced support for XRP and Bitcoin Cash while covering cryptocurrencies that had the most trading volume. In 2020, it added support for EOS, OMG, and Tezos as well as the decentralized platform 0x. This week’s decision is the company’s most ambitious move and it could be the most significant number of tokens that are becoming supported in one batch. Another thing to have in mind is that several of these cryptocurrencies have a low market cap compared to the rest of the cryptocurrencies on the list of tokens that have the highest trading volume.
Markets had a slow reaction after the announcement but the bullish momentum in BTC and ETH is playing in their favor even more than it does for Revolut. Cardano increased by 8% for the week and set a high of $1.29 before correcting slightly. Filecoin on the other hand had a very strong bullish trend building up while at the start of January, each FIL coin was over $22, and today it hit $177.
Revolut’s influence seems a bit clearer and Filecoin started correcting shortly after, reaching lows of $139. The rest of the tokens had mixed reactions like Uniswap that lost 3.15% and is now trading below $30 while the Graph increased 5.85% at $1.93. SNX crashed 7.31% but YFI had a strong rise of 20% at the same time.
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