Starting today, Balancer (BAL), Curve (CRV), Ren Network (REN), Synthetix Network (SNX), Uma (UMA), Uniswap (UNI) and Yearn.finance (YFI) will be supported for both trading and custody on Gemini, according to the announcement.
“With these new token additions, we now offer trading and custody support for a total of 24 cryptos and custody support for another 10 cryptos,” said Gemini.
As Decrypt reported, Ethereum-based decentralized exchange Uniswap has launched its governance token UNI just over a week ago, and it already became one of the most widely distributed tokens in DeFi. Just a day after its launch, Ethereum locked in Uniswap surged to $1.6 billion.
In its turn, YFI, the governance token of yield farming protocol Yearn.finance, has recently peaked at $38,682—reaching almost four times the price of Bitcoin ($11,596 at the time) and nearly doubling Bitcoin’s all-time high of roughly $20,000.
Another five tokens that were previously supported only for Gemini custody are now also available for trading: Decentraland (MANA), Kyber Network (KNC), Maker (MKR), Storj (STORJ) and 0x (ZRX).
Finally, the exchange added three entirely new DeFi tokens—Keep Network (KEEP), Wrapped Bitcoin (wBTC) and tBTC (tBTC)—to its custody service (but not for trading).
However, there are concerns with supporting DeFi assets. Crypto exchange Binance makes it clear to its users that any tokens they trade may lose 50% of more of their value. But clearly, crypto exchanges think it’s worth the risk.
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