Polkadot, Aave, and YFI are now available on Blockchain.com – both on the wallet and exchange.
In a bid to capitalize on the growing DeFi sector, Blockchain.com has added three crypto assets—Aave, Polkadot, and YFI— to its platform. The platform announced this listing earlier today, urging users to utilize this new development to boost the DeFi sector.
Blockchain.com is a popular crypto exchange and wallet provider that enables users to buy, hold, and store cryptocurrencies and has recorded over $600 billion in transactions since 2013. With the recent additions, the company seeks to build on the fast-growing DeFi industry.
During an interview with Decrypt (a news outlet), the Product Manager at Blockchain.com, Amadeo Pellicce, asserts that DeFi’s momentum is undeniable. He also believes that customers are excited about the new development.
Besides the interview, the Head of Growth at Phuture, Charles Storry, also told Decrypt:
“Why is DeFi exciting? Look at the ownership breakdown, rewarding users and early contributors with tokens and allowing them to have vested interest in new financial systems. It is the same as Uber or Airbnb giving away equity to early users of their systems. In all, DeFi’s growth just started, and we will contribute to it.”
The new listings on Blockchain.com are timely
The announcement is indeed timely, as it will increase the accessibility of the three currencies —Polkadot, Aave, and YFI—which are relatively not popular in the crypto space. Pellicce further reinstated the impact of the development for these currencies:
“Just to put this release into perspective, we are bringing Polkadot, Aave, and Yearn Finance to over 70m wallets and 31 million verified accounts. And all of these will be available in our onramp infrastructure that is functional in over 70 countries.”
Blockchain.com has had a rollercoaster of events since the year started, as it has been a busy period of hiring and fundraising for the company. Last month, the company hired Jim Messina and Lane Kasselman (former Barack Obama and Hillary Clinton staffers). In March, Blockchain.com also raised $300 million at a $5.2 billion valuation. One month earlier, the company raised $120 million in a strategic funding round.
The three cryptocurrencies
Polkadot is a multi-chain network designed to connect different specialized blockchains into a single unified network through the use of “parachains.” Polkadot has raised approximately $200 million from investors across sales of its DOT cryptocurrency.
Aave is a decentralized protocol that allows users to participate as borrowers and depositors; Blockchain.com chose the AAVE token because it will function as a governance token for the protocol.
YFI is the native token for Yearn Finance, an aggregator of various lending protocols.