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