Gemini Plans Expansion, Adds To Its List of Supported Tokens

ByTroy Morris

Mar 23, 2021

Gemini Exchange, a crypto platform headquartered in New York City, is set to expand the scope of its Decentralized Finance (DeFi) and NFT platforms as it recently added seven different tokens to the list of its supported tokens and cryptocurrencies trading on its platform. Enjin and SAND are some of the notable tokens added by the Gemini Exchange. The development aims to add to the number of tokens available for trading on the Gemini exchange’s platform, especially from DeFi, Web3 infrastructure, and the NFT.

The NFT Marketplace is witnessing increasing demand for NFT products

A recent report from DappRadar shows that in February, the three largest NFT marketplaces recorded a combined sales volume of $342 million just for only NFT-related products. Some of the leading products being sold are in-game articles and collections of crypto-related works and games.
Meanwhile, some crypto games, including Sorare, are also recording optimal sales, thanks to the growing demand for NFTs. Enjin has risen by almost 300% in just a month, trading at $2.26 when writing this report.

Some recently added tokens are DeFi-based tokens such as 1inch, BNT, SKALE, LRC, ENJ, and SAND. Earlier, ENJ was among the tokens supported on the Gemini Exchange platform, but the remaining six are newly-added tokens. In the past months, the ethereum-related Enjin has witnessed a rapid rise in its price due to the growing popularity of game-based tokens that results from the increasing demand for NFT collectibles. Enjin is a very important network for game developers who use it to execute blockchains like confirming if a digital asset belongs to somebody claiming it. Likewise, Enjin is used to check if a digital asset is compatible with another.

Some of the tokens supported by Gemini

In February, Enjin announced a learning-based web game, Minecraft. The game was launched in collaboration with Microsoft, which unlocks NFT to enable users to have access to it. One of the most popular NFT collectibles this year is Sandbox. In a single month, Animoca Brands earned $3 million from its game, which is called LAND. This explains the reasons behind the surge in its currency by 90% in just a single month. 1inch Exchange specializes in automatically aggregating tokens with the highest prices on the DEX platform. Last month, 1inch airdropped $84 million worth of 1inch tokens offering UNISWAP users to entice them to 1 inch platform.

Meanwhile, the price of 1inch has remained constant since February, the time of the airdrop. Bancon is also an ethereum-based platform used for liquidity and token exchange. Since February, its token has climbed by 50%. SKALE is a Web3 network built mainly for ethereum-decentralized app, dapp. Other tokens include Graph and Loop ring, among others. Gemini’s latest tokens have added to its list of supported tokens and cryptocurrencies have shot up the number to 33, while it backs ten different ones for custodial services.

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