Crypto Custodian, Anchorage, Adds Support for DeFi Tokens: BAL, NXM, AAVE, UNI, and YFI

The Decentralized Finance (DeFI) market has exponentially grown in a relatively small window of time, with investors seeking out platforms with the best range of DeFi tokens possible. Anchorage's inclusion of 5 new DeFi tokens hopes to provide customers with much sought after and expanded access.

Anchorage, the Delaware corporation headquartered in San Francisco, California, and digital asset custodian for institutional investors is diversifying its DeFi token options for its customers by providing support for five more DeFi tokens. The five new tokens to be added onto the platform include Balancer (BAL), Nexus Mutual (NXM), Aave (AAVE), Uniswap (UNI), and Yearn (YFI).

The addition of these tokens by Anchorage points towards the growing demand and market of deFi tokens. Defi has been a revolution for the decentralized space this year and has seen a massive rise in popularity, with demand always outpacing supply. Even if traders don't quite understand it all.

The soaring popularity of the defi space is apparent when considering the following factors: the growing market cap of the space (the market cap grew from just short of a billion at the start of the year to over $16 billion at one point, currently resting on $10.82B) and the growing number of scams in the defi space.

W. Bradford Stephens, Co-Founder, and Managing Partner, Blockchain Capital, commented on the rising demand for trustees defi tokens, especially among the institutional investors and noted:

“When it comes to DeFi’s potential — for opening access to financial tools, for improving transparency, and for disrupting industry incumbents — we’ve really only just scratched the surface.

If the current wave of activity is any indication, the market itself is poised for huge growth in the coming years. We’re glad to see in Anchorage a continued commitment to supporting emerging protocols in the space.”

DeFi gained momentum because of its trustless nature, which promises to bank the unbanked and offer improvements over the centralized finances.

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James W
James is a cryptocurrency enthusiast, an advocate for the development and exposure of blockchain technology, and believes in the use of digital assets for the good of the society. Enthralled by the huge potential of cryptocurrencies and their underlying technology – blockchain – James dedicated himself to learn more about the industry, becoming a highly sought-after writer in the sector. He covers news, white papers and any content related to cryptocurrency and blockchain in general.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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