Gemini Exchange expands footprint by adding newer cryptocurrencies

Gemini exchange, which was started by the Winklevoss twins in late 2014, has now added a few additional coins to its directory.
  • Gemini exchange, which was started by the Winklevoss twins in late 2014, has now added a few additional coins to its directory.
  • This move shows an obvious shift of the company’s policy to diversify its portfolio and enter the newly hyped sectors of DeFi and NFTs.

In the continuously evolving crypto dimension, it is imperative that companies and exchanges adapt to the latest trends in the market to stay relevant in the current scenario. Gemini exchange is one such firm which has taken the first steps to diversify its portfolio by focussing on newly established trends such as DeFi and NFTs.

DeFi and gaming tokens hog the limelight

The exchange already had about 26 tokens available for trading in its listings. It recently added seven more tokens, bringing the total to 33 tokens readily available to users for trading. The new embellishments include, among others, 1inch and Bancor which are well known coins with DeFi applications. Interestingly Enjin Coin and SAND, two virtual tokens which are completely designed specifically for gaming purposes also made it to the new listings.

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With the Ethereum chain at its core, Enjin Coin has grown at an astounding rate at about 269% to $2.26 this February alone, its growth attributed to an ever-increasing demand for gaming-centric tokens. Its recent partnership with Microsoft to develop an educational game has uncovered NFTs to be used in the tremendously popular Minecraft game. Another worthwhile mention is the Sandbox game which has been buoyed by the recent hype surrounding NFTs. An open-world simulation from Animoca Brands, which uses SAND as its in-game tokens, is the leading basis for the token’s 90% growth even as the firm sold about $3 million worth of digital properties.

1inch, a popular DEX is also among those firms whose native token (1INCH) is being added to Gemini exchange. To increase its user base, 1inch had distributed about $84 million of 1INCH crypto to users who were engaged with the Uniswap protocol. However, its price has stagnated for about a month. Bancor, an abstruse token, designed as a liquidity protocol built on the Ethereum chain has seen an increase of 45% over the month.

The Winklevoss twins, who are ardent backers of decentralized app development (DAPP), have also decided to include SKALE, Loopring and The Graph’s native tokens into their listings. While SKALE is a new-gen Web3 platform for dapp design, Graph provides dapp protocols on Ethereum and IPFS. Loopring can be seen as a blueprint for DEX creation with its layer-2 solutions.

The recent move by Gemini exchange is a masterstroke in terms of riding the current trends in the market and is sure to pay off rewards in the future. 

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Andrew Smith
Andrew is a blockchain developer from his education and developed his interest in the cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer.

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