June 15, 2021

Revolut Bank Announces Support for 11 New Cryptocurrencies

2 min read

London-based challenger bank Revolut announced that it will broaden assistance for more cryptocurrencies.

In a main PR, the firm revealed that 11 brand-new tokens would be added to its exchange platform in another effort to please its consumers’ cravings for cryptocurrencies.

You asked for brand-new tokens, we’ve provided. We’ve been tracking hot tokens and top movers to bring our UK and EU customers 11 brand-new cryptocurrencies.

These new tokens accepted by Revolut are extremely focused on the world of decentralized financing. The firm included 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 began in July 2017, adding assistance for Bitcoin trading. Soon after that, it expanded its offering to Ethereum and Litecoin.

Later in 2018, it revealed support for Bitcoin Cash and XRP, thus covering the cryptocurrencies with the most trading volume already.

Then, in late 2020, it added assistance for EOS, Tezos (XTZ), OMG, and the decentralized platform 0X.

This week’s choice is the business’s most ambitious move. It would be the most substantial variety of tokens supported in a single batch.

Another thing to consider is that, unlike the formerly listed tokens, several of these cryptocurrencies have a fairly low market capitalization when compared to the remainder of the cryptocurrencies on the list of tokens with the highest trading volume.

The Marketplaces Are Slowly Reacting

Markets have actually had a slow but positive response following Revolut’s statements. Nevertheless, the bullish momentum in Bitcoin and Ethereum is likewise playing in their favor– perhaps a lot more than Revolut.

Cardano was up nearly 8% for the week, settling at a high of $1.29 prior to remedying to its existing $1.27.

Evolution of Cardano befor and after the Revolut annoucement. Image: Tradingview

Evolution of Cardano from April 5 to April 11. Image: TradingviewFilecoin, on the other hand is on fire with a really strong bullish pattern began at the beginning of the year. Simply for context, on January 1, 2021 each FIL was simply over$22, and today each token is trading above$177. Revolut’s impact appears a bit clearer here. Filecoin was remedying downward, reaching lows of $139. But right on April 8 it resumed a rally that took it to its present $179 although it peaked at $187 a day after the announcements.

FIlecoin spiked after the annoucements shared by revolut

Price of Filecoin. Image: Tradingview The rest of the tokens had blended reactions today. For example, Uniswap lost 3.15% and is currently trading below $30, but The Graph was up 5.85% at $1.93. In the exact same order of ideas, Synthetix crashed 7.31% but Yearn Finance had a ruthless rise of practically 20% in the exact same time.

So it could not be precise to state Revolut had a direct influence on these tokens as an entire, however from a fundamental viewpoint, this might be considered favorable for those tokens as it would provide space for more liquidity, more traders and more individuals going into the space.