One altcoin is enchanting the crypto world after a shock itemizing on the Crypto.com App digital forex trade.
In a brand new weblog post, Crypto.com says that customers should buy Spell Token (SPELL) utilizing USD, EUR, GBP and practically two dozen different fiat currencies.
News of the itemizing despatched SPELL skyward, growing 45% from $0.011 to a weekly peak of $0.016 proper after the announcement.
SPELL is an Ethereum token that governs the Abracadabra.cash platform the place customers deposit interest-bearing cryptos to mint the stablecoin Magic Internet Money (MIM).
Users can stake SPELL to acquire sSPELL tokens that can grant them platform voting rights and a declare to charges generated by the protocol. The altcoin has a most provide of 210 billion.
MIMs might be traded with different stablecoins together with Tether (USDT), Dai (DAI) and USD Coin (USDC).
Spell Token joins a roster of greater than 200 cryptocurrencies and stablecoins supported by the Crypto.com App.
The crypto trade just lately introduced partnerships with a number of main sports activities franchises, together with the Los Angeles Lakers, Formula 1 Racing and the UFC.
The price of SPELL has corrected to $0.014 at time of writing. It reached an all-time excessive of $0.035 on November 2nd.
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