Blockchain.com lists YFI and LEND in bid to grow exchange after clocking in $500 million in monthly volumes
September 9, 2020, 9:04AM EDT
1 min read
Blockchain.com is listing two new DeFi coins as it becomes one of the latest exchanges to hop on the DeFi bandwagon, the company revealed to The Block on Wednesday.
The firm, which launched its exchange in 2019, said it would add support for YFI and LEND — two of the most popular DeFi coins. DeFi tokens are tied to protocols in decentralized lending and trading and have recently become a darling of the digital asset market, comprising a growing percentage of total crypto trading volumes.
Blockchain's hope in listing these new coins is to open the door to the DeFi world — which is difficult to access — for its user base.
"By creating order books for YFI and LEND on the exchange, we’re not only giving millions of customers access to DeFi in a familiar exchange environment, but we’re also one of the only ways for people to purchase these tokens with fiat currency," the company said in a press release.
The decision could also help the business. Exchanges across the globe have been listing new coins at a fast clip to keep users on their respective platforms and build volumes. Blockchain saw $500 million in trading volumes in August, putting it in a similar position as BTSE and CEX.