On the 3rd of May, 2021, SEBA announced that it will be adding three more tokens to its platform. The three tokens that will be added include Uniswap (UNI), Synthetix (SNX), and Yearn Finance (YFI). SEBA is a platform for storing cryptocurrencies.
These recent additions mean that all three tokens added to the platform will now be available for trading. Also, investors who do not want to trade actively can store these DeFi assets in the SEBA bank.
Prior to the announcement, the crypto bank supported only six major cryptocurrencies which are Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar and USDC. Five of these are volatile while USDC is a stable asset. After SEBA conducted a user survey, it was discovered that a good number of their customers wanted more options for asset storage and investment.
Analysis of the Three New Tokens
The addition of all three tokens was not a random decision. It was based on qualitative and quantitative metrics. SEBA believes that these newly included tokens have solid fundamentals. The foundation or protocols on which the tokens were built also attracted the attention of SEBA. As such, these tokens are investible.
According to statistics from Coingecko, in the past year, Uniswap stood out as the decentralized exchange with the highest volume of transactions. Synthetix is also one of the largest decentralized exchanges at the moment. Yearn Finance on the other hand is a leading yield farming aggregator.
All three tokens added to SEBA bank are DeFi tokens. This will be the first time the crypto bank will be exploring the DeFi space. All tokens added to the platform were described by SEBA as the most important DeFi protocols available on the market.
Given the explosive growth of the DeFi space in the past two years, more institutions may devise means of exploring this crypto niche. In the near future, SEBA may also look into exploring other reliable protocols available in the DeFi space.