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Coinbase extends support to popular DeFi tokens, lists AAVE, BNT, and SNX

Coinbase extends support to popular DeFi tokens, lists AAVE, BNT, and SNX

Coinbase, the famous cryptocurrency giant based in the United States, declares custody and trading support for some popular DeFi tokens. Coinbase declared that it would be rolling out support on its “Pro” platform for DeFi coins AAVE, Bancor (BNT), and SNX. Moreover, AAVE and SNX are leading DeFi tokens, while BNT is the Bancor Dex token. All are Ethereum-based tokens. The accessibility of tokens for trade on Coinbase Pro is in accordance with Coinbase’s current declaration. It is the advanced order platform of Coinbase. Moreover, they will probably launch on Coinbase’s app soon.

Coinbase’s adequate supply of all Ethereum-powered DeFi tokens will necessarily be paired with USD for trade. Other pairings are also accessible on Coinbase Pro. Embracing the DeFi fashion enthusiastically, the cryptocurrency exchange aims to accommodate the needs of its traders.

DeFi tokens witness a surge in prices post-Coinbase’s announcement.

After the announcement, AAVE, BNT, and SNX all encountered a surge in their respective prices. AAVE surging to highs of $92, surpassing $86. As for SNX and BNT, in the past 24 hours, both scored 10% and 24% individually to their value. The DeFi craze continues as the buzz of the cryptocurrency industry this year. However, the decentralized finance trend may come to a standstill with the imminent U.S. cryptocurrency regulations.

According to Brian Armstrong, Coinbase CEO, there could be a possible regulatory mandate from exiting Donald Trump to govern self-custodial cryptocurrency wallets. However, provided Trump sanctions regulations for self-hosted crypto wallets, this may considerably affect the DeFi industry, as most tokens are stored in a non-custodial wallet. Apart from affecting the DeFi craze and preventing its widespread adoption in the U.S., this may inch further behind its equivalents in terms of technological and financial innovation. However, whether the crypto wallet regulation will be declared before Trump terminates the services remains in question. Nevertheless, if it becomes a reality, crypto innovation in the U.S. may be hampered, as dreaded by various giants in the industry who have shown these concerns.

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