London-based challenger bank Revolut announced that it will expand support for more cryptocurrencies.
In an official PR, the firm announced that 11 new tokens would be added to its exchange platform in another effort to satisfy its customers’ appetite for cryptocurrencies.
You asked for new tokens, we’ve delivered. We’ve been tracking hot tokens and top movers to bring our UK and EU customers 11 new cryptocurrencies.
These new tokens embraced by Revolut are very focused on the world of decentralized finance. The firm added support for Cardano, Uniswap, Synthetix, Yearn Finance, Uma, Bancor, Filecoin, Numeraire, Loopring, Orchid, and The Graph.
Revolut Just Loves Crypto
Revolut’s history is well known in the cryptocurrency space. It started in July 2017, adding support for Bitcoin trading. Shortly after that, it expanded its offering to Ethereum and Litecoin.
Later in 2018, it announced support for Bitcoin Cash and XRP, thus covering the cryptocurrencies with the most trading volume by then.
Then, in late 2020, it added support for EOS, Tezos (XTZ), OMG, and the decentralized platform 0X.
This week’s decision is the company’s most ambitious move. It would be the most significant number of tokens supported in a single batch.
Another thing to consider is that, unlike the previously listed tokens, several of these cryptocurrencies have a relatively low market capitalization when compared to the rest of the cryptocurrencies on the list of tokens with the highest trading volume.
The Markets Are Slowly Reacting
Markets have had a slow but optimistic reaction following Revolut’s announcements. However, the bullish momentum in Bitcoin and Ethereum is also playing in their favor —perhaps even more than Revolut.
Cardano was up nearly 8% for the week, settling at a high of $1.29 before correcting to its current $1.27.
Evolution of Cardano from April 5 to April 11. Image: TradingviewFilecoin, on the other hand is on fire with a very strong bullish trend started at the beginning of the year. Just for context, on January 1, 2021 each FIL was just over $22, and today each token is trading above $177.
Revolut’s influence seems a bit clearer here. Filecoin was correcting downward, reaching lows of $139. But right on April 8 it resumed a rally that took it to its current $179 although it peaked at $187 a day after the announcements.
The rest of the tokens had mixed reactions this week. For example, Uniswap lost 3.15% and is currently trading below $30, but The Graph was up 5.85% at $1.93. In the same order of ideas, Synthetix crashed 7.31% but Yearn Finance had a brutal rise of almost 20% in the same time.
So it could not be accurate to say Revolut had a direct influence on these tokens as a whole, but from a fundamental perspective, this could be considered positive for those tokens as it would give room for more liquidity, more traders and more people entering the space.