Revolut Bank Announces Support for 11 New Cryptocurrencies
London-based challenger bank Revolut revealed that it will broaden support for more cryptocurrencies.
In a main PR, the company revealed that 11 brand-new tokens would be added to its exchange platform in another effort to please its consumers’ hunger for cryptocurrencies.
You requested for new tokens, we have actually delivered. We’ve been tracking hot tokens and top movers to bring our UK and EU clients 11 new cryptocurrencies.
These brand-new tokens welcomed by Revolut are extremely focused on the world of decentralized finance. The company added support for Cardano, Uniswap, Synthetix, Yearn Finance, Uma, Bancor, Filecoin, Numeraire, Loopring, Orchid, and The Chart.
Revolut Just Likes Crypto
Revolut’s history is well known in the cryptocurrency space. It started in July 2017, adding assistance for Bitcoin trading. Shortly after that, it broadened its offering to Ethereum and Litecoin.
Later on in 2018, it revealed support for Bitcoin Cash and XRP, therefore covering the cryptocurrencies with the most trading volume already.
Then, in late 2020, it included support for EOS, Tezos (XTZ), OMG, and the decentralized platform 0X.
This week’s choice is the business’s most ambitious relocation. It would be the most considerable number of tokens supported in a single batch.
Another thing to consider is that, unlike the previously noted tokens, several of these cryptocurrencies have a fairly low market capitalization when compared to the rest of the cryptocurrencies on the list of tokens with the highest trading volume.
The Markets Are Gradually Responding
Markets have had a sluggish but optimistic reaction following Revolut’s statements. Nevertheless, the bullish momentum in Bitcoin and Ethereum is also playing in their favor– maybe a lot more than Revolut.
Cardano was up almost 8% for the week, settling at a high of $1.29 prior to remedying to its current $1.27.
< img class =" size-medium wp-image-113106" src=" data: image/svg+ xml; base64, PHN2ZyB2aWV3Qm94PSIwIDAgMTIwMCA4MDAiIHdpZHRoPSIxMjAwIiBoZWlnaHQ9IjgwMCIgZGF0YS11PSJodHRwcyUzQSUyRiUyRmNyeXB0b3BvdGF0by5jb20lMkZ3cC1jb250ZW50JTJGdXBsb2FkcyUyRjIwMjElMkYwNCUyRkFEQS5wbmciIGRhdGEtdz0iMTIwMCIgZGF0YS1oPSI4MDAiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyI+ PC9zdmc+" data-spai= "1" alt=" Evolution of Cardano befor and after the Revolut annoucement. Image: Tradingview" width= "300 "height=" 200" sizes="( max-width: 300px) 100vw, 300px" > Advancement of Cardano from April 5 to April 11. Image: TradingviewFilecoin, on the other hand is on fire with a really strong bullish pattern started at the beginning of the year. Simply for context, on January 1, 2021 each FIL was just over$ 22, and today each token is trading above$ 177. Revolut’s impact seems a bit clearer here. Filecoin was remedying downward, reaching lows of $139. However right on April 8 it resumed a rally that took it to its current $179 although it peaked at $187 a day after the statements.
” data: image/svg+ xml; base64, PHN2ZyB2aWV3Qm94PSIwIDAgMTIwMCA4MDAiIHdpZHRoPSIxMjAwIiBoZWlnaHQ9IjgwMCIgZGF0YS11PSJodHRwcyUzQSUyRiUyRmNyeXB0b3BvdGF0by5jb20lMkZ3cC1jb250ZW50JTJGdXBsb2FkcyUyRjIwMjElMkYwNCUyRkZJTC5wbmciIGRhdGEtdz0iMTIwMCIgZGF0YS1oPSI4MDAiIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyI+ PC9zdmc+ “data-spai= “1” alt =” FIlecoin increased after the annoucements shared by revolut” width =” 300″ height =” 200″ sizes=” (max-width: 300px) 100vw, 300px” > Price of Filecoin. Image: Tradingview The remainder of the tokens had combined reactions this week. For example, Uniswap lost 3.15% and is currently trading listed below $30, but The Graph was up 5.85% at $1.93. In the very same order of ideas, Synthetix crashed 7.31% but Yearn Finance had a ruthless increase of nearly 20% in the same time.
So it could not be precise to say Revolut had a direct impact on these tokens as an entire, however from an essential viewpoint, this could be thought about positive for those tokens as it would give space for more liquidity, more traders and more individuals entering the space.
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Released at Mon, 12 Apr 2021 00:21:36 +0000