Phemex is Relisting XRP and Adding 8 Additional Digital Currencies

Published April 28, 2021 | Updated April 28, 2021

XRP

Phemex is Relisting XRP and Adding 8 Additional Digital Currencies

The Phemex cryptocurrency exchange has just relisted XRP, the token associated with blockchain payments outfit Ripple Labs Inc. According to details shared with Coingape, the trading platform known for backing renowned cryptocurrency projects will also be listing an additional 8 digital currencies and tokens for the benefit of its users.

Support for the XRP/USDT spot pair and the XRP/USD contract pair was previously suspended following the launch of a lawsuit filed by the United States Securities and Exchange Commission (SEC). Per the lawsuit, the SEC claimed Ripple and two of its executives (including CEO Brad Garlinghouse and the Co-founder and Chairman Chris Larsen) sold $1.3 billion worth of XRP as securities without proper registration.

The lawsuit stirred many reactions in the market, including sell-offs. Exchanges like Phemex responded by halting XRP trades to protect its users from a market-wide liquidation. The change in trajectory and the decision to relist XRP are based on persistent requests by the global XRP community. 

8 New Tokens to be Listed

With Phemex’s commitment to continually follow and support trends in the global cryptocurrency market, the exchange is planning to list 8 additional tokens on its crypto spot market and derivatives market, including;

  • Basic Attention Token (BAT)
  • Chiliz (CHZ)
  • Decentraland (MANA)
  • Enjin Coin (ENJ)
  • SushiSwap (SUSHI)
  • Synthetix Network Token (SNX)
  • The Graph (GRT), and;
  • Maker (MKR)

The Basic Attention Token is a digital token built to reward users fairly for their attention through a blockchain-based digital advertising platform. The BAT project has been around for a while and has proven its sustainability over the years. Currently, it ranks as the 67th largest crypto by market cap.

Chiliz (CHZ) is a blockchain project that powers esports and gaming crowdfunding. Chiliz has created a new use case for blockchain technology, rolling out sports club tokens for fans to engage more with their teams virtually. Chiliz works in collaboration with Socios.com, its fan engagement platform. 

Decentraland (MANA) is a virtual reality platform that allows users to create, experience, and monetize content and applications. Decentraland is one of the platforms boosting the widespread adoption of Non-Fungible Tokens (NFTs) today.

The Enjin Coin (ENJ) helps to power an interconnected group of blockchain-based gaming outfits. 

SushiSwap (SUSHI) on the other hand powers an Automated Market Maker (AMM) and a decentralized exchange where DeFi products including yield farming and Liquidity Product incentives can be accessed. 

The Synthetix Network Token (SNX), The Graph (GRT), and Maker (MKR) are all also unique Ethereum-backed projects whose sustenance and future potentials have helped them carve out a niche in the broader ecosystem. Of Course, all of these have captured the attention of the Phemex trading platform.

Phemex’s Stringent Listing Rules Remains Uncompromised

The blockchain and cryptocurrency ecosystem is growing and new products are being rolled out by the day. In order to offer only the most valuable projects to its users and community, the Phemex exchange maintains its standard for each listing project, duly vetting them using a range of unbiased factors. 

The new listings are expected to help enrich the platform’s ecosystem and boost its overall trading activities.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
A blockchain enthusiast, my expertise extends to marketing and advertising through which I was able to help a few notable startups in generating initial traction. Follow me on Twitter at @abhinavagrwl94 and reach out to me at abhinav[at]coingape.com
Abhinav Agarwal 140 Articles
A blockchain enthusiast, my expertise extends to marketing and advertising through which I was able to help a few notable startups in generating initial traction. Follow me on Twitter at @abhinavagrwl94 and reach out to me at abhinav[at]coingape.com
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