Revolut Bank has announced the most recent play for cryptocurrency addition and implementation, as 11 new digital tokens have now been added and are currently available to use for trading purposes.
Revolut is a challenger bank based in London that prioritizes the UK as well as EU customers, and it has had an interest in cryptocurrencies for quite a while now. It is with this in mind that Cardano, Bancor, Numeraire, Orchid, Synthetix, Uniswap, Yearn Finance, Filecoin, Uma, Bancor, and The Graph have now all been added for trading. While these choices might seem a bit random at first, one could argue that these tokens are indeed all very much focused on the concept of decentralized finance (DeFi). Another common factor amongst these tokens is that most of them, if not all of them, have relatively smaller market capitalization, too, as compared to the more dominant digital assets such as Bitcoin.
Cryptocurrencies becoming increasingly popular and beloved all over the world
Cryptocurrencies have been popular for a while now, but it would appear that the industry’s popularity has indeed skyrocketed as of late. This could be due to a number of factors, such as the ongoing global pandemic forcing people out of their respective employees or simply the desire for many to have an alternative source of income. Whatever the case may be, Revolut has been supportive of cryptocurrency since 2017, when it first added support for Bitcoin. It didn’t take long after this for it to also add support for both Ethereum as well as Litecoin, and then XRP and Bitcoin Cash in 2018. In late 2020, support for Tezos (XTZ), EOS, 0X, and OMG had also been added.
It should therefore come as no surprise that the challenger bank has indeed added 11 new cryptocurrencies to its list, thereby bringing in even more clients and mainstream attention.
Market reaction has been slow
Although the reaction by the markets has been quite slow, it has nevertheless been optimistic following the announcement made by Revolut. It should be mentioned, though, that the recent bullish momentum being experienced by both Bitcoin as well as Ethereum is also a vital factor in all this.
After analyzing each token in detail, it would be fair to say that although Revolut did not influence these tokens directly, its efforts could nonetheless be considered beneficial (from a foundational perspective) for them due to the potential for increased liquidity as well as for more traders to enter the space.