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Anchorage, a custody services provider, has launched custody for 5 DeFi tokens, including the recently inaugurated UNI token. Decentralized Finance has been the breakout trend of 2020, creating a lot of excitement in the cryptocurrency industry. The inclusion of the five new tokens will make creating awareness about DeFi among institutional players and even newbies more convenient.
Anchorage, backed by card giants Visa, launched support for tokens such as Uniswap (UNI), DeFio lending protocol Aave, yield optimization protocol Yearn Finance, and DeFi insurance protocol, Nexus Mutual. Each of the five governance tokens represents a tradable stake in the management of the DeFi protocols themselves.
"We’re excited about the potential of the space and the myriad services and capabilities decentralized financial tools have yet to unlock." –@diogomonica
Full announcement: https://t.co/DX1Qeaj4Ct
— Anchorage (@Anchorage) September 24, 2020
Anchorage custody for 5 DeFi tokens
Generally, the five DeFi tokens have amassed billions of dollars from the users, enabling them to swap tokens, secure loans, and earn interest on the locked assets. Anchorage provides safekeeping of the crypto keys in extremely secure locations on behalf of their clients. Now that Anchorage has added support for the five protocols, it should be convenient for institutional Anchorage clients and newbies to invest in the exponentially booming DeFi products.
According to data by DeFiPulse, the total value locked in decentralized Finance soared from below $2 billion to reach almost $10 billion in less than four months since June. Furthermore, Uniswap’s UNI token has surged by approximately 60 percent since it was launched last week.
DeFi will revolutionize Finance
DeFi protocols are powered using an automated algorithm in smart contracts. They enable users to deposit one set of cryptocurrency to secure a loan, which is offered as a different cryptocurrency. The process does not require one to visit a centralized financial institution such as a bank. Although DeFi systems function automatically, certain choices like determining interest rates on deposits and forming partnerships require a human solution. Initially, Anchorage custody services firm launched support for other DeFi platforms, including lending services Maker and Compound,
