Revolut Set To Support 11 New Cryptos

Revolut has announced that it’s supporting 11 new cryptocurrencies. The 11 fresh tokens would be present for trading, and some are small regarding the market caps. The UK based bank stated that it would grow support for additional cryptocurrencies. The company said that the 11 new tokens would be included in the exchange platform in it’s effort to meet customers’ need for cryptocurrencies.

The Revolut PR stated that the firm delivered new tokens. The firm has been checking hot tokens plus best movers to give EU and UK users 11 new cryptos. The new token adopted by Revolut concentrates on the decentralized finance world. The company included support for Uniswap, Cardano, Synthetix, Uma, Yearn Finance, Bancor, Numeraire, Filecoin, Loopring, the Graph and Orchid.

Revolut continues to adopt crypto

The history of Revolut is popular in the cryptocurrency industry. In July 2017, it began giving support for Bitcoin trading. Later, it expands its offering to Litecoin and Ethereum. In 2018, Revolut stated support for Bitcoin XRP and Cash. Hence, it covers the cryptos with the highest trading volume by the time.

In late 2020, the firm included support for Tezos (XTZ), EOS, OMG, and OX (decentralized platform). This week recent attempt is the firm’s most popular and ambitious move. The move will be the most remarkable token size backed in one batch. Further, unlike the hitherto listed tokens, many cryptocurrencies possess a small market capitalization compared to other cryptocurrencies on the token lists with the biggest trading volume.

Market reacts slowly to the announcement

After Revoluts recent announcement, markets are slowly reacting; however, it has an optimistic reaction. Also, bullish momentums in Ethereum and Bitcoin play for their favour, probably more than the Revolut. Cardano went up for about 8 per cent for the week, staying up for $1.29 before returning to its present $1.27. Conversely, TradingviewFilecoin is moving well with strong bullish trends that began at the start of the year.

By January 2021, each of the FIL was more than $22, and each token is now trading over $177 today. The influence of Revolut is clearer. Filecoin was moving downward, reaching $139 low. However, by April, it continued a rally taking it to the present $179. Though, it climaxed at $187 24 hours following the announcements. More so, other tokens witnessed mixed reactions this week. For instance, Uniswap has lost about 3.15 per cent and is presently trading as low as $30.

The Graph rose to 5.85 per cent at $1.93. Synthetix crashed at 7.31 per cent, but Yearn Finance rose about 20 per cent the same period. Hence, it can’t be correct to state that Revolut contains a straight influence on the tokens. Still, it can be considered positive for the tokens since it offers room for additional liquidity, more people and traders entering the industry.

Leave a Reply

Your email address will not be published.