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Gemini announces to add support for three new tokens

Crypto exchange Gemini announced the addition of trading pairs featuring Dai (DAI), Chainlink (LINK), and Orchid (OXT) on its
Crypto exchange Gemini announced the addition of trading pairs featuring Dai (DAI), Chainlink (LINK), and Orchid (OXT) on its platform.

The Winklevoss twins owned crypto exchange Gemini in a blog post announced the addition of three new tokens on its platform. The three new tokens that would be available for trading on the platform are Dai, Chainlink, and Orchid. The new additions will bring the total number of tradable tokens on the trading platform up to nine.

Gemini obtained regulatory approval to add new tokens.

According to the blog post, the exchange worked closely with the New York State Department of Financial Services to get the approval to offer trading and custody services for these three new tokens. The post further read these assets expand the range of the platform and further the mission to empower the individual through crypto. Gemini further noted that Dai is a decentralized, crypto-collateralized stablecoin that seeks to maintain a 1:1 soft-peg with the US dollar. Its main purpose is to provide users with stable crypto dollars to use on the Ethereum network.

Deposits of new tokens will be accepted from 24th April.

According to the announcement, the deposits of the three new tokens will be accepted from 9:30 am ET on 24th April, with trading set to follow shortly. Existing traders on Gemini will need to create a new Ethereum deposit address if they wish to deposit any of the newly supported tokens because current addresses will not be supported. The three new assets join existing supported tokens, Bitcoin, Ether, Zcash, Bitcoin Cash, Litecoin, and the recently announced Basic Attention Token, which will also be added on 24th April. The trading platform also supports another 15 cryptocurrencies on its custody service.

The blog also mentioned that the crypto exchange chose these tokens because of their proven markets and novel consumption models, which suggest the demand will continue to grow as the ecosystem continues to grow. Gemini believes that these new tokens will provide their users with a new way to interact with the crypto ecosystem.

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