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eToro, a leading multi-asset investment platform has announced on adding two crypto tokens Compound’s COMP and Decentraland MANA including DeFi assets Aave and Yearn.Finance. Per the announcement, the total number of crypto assets on the trading platform stands at 23, and 20 for US-based clients.
eToro Adds New Crypto Aave and Yearn.Finance DeFi Tokens
U.S.-based multi-asset investment platform eToro has added four new crypto assets taking the total number of digital assets on the platform to 23.
Starting from May 24, DeFi tokens Aave (AAVE), Yearn.Finance (YFI) including Compound, Decentraland are now available for trading on the platform.
Aave (AAVE) supports the Aave protocol, popular for its “flash loans”, where the loans are borrowed and repaid in quick succession without the need for collateral. The governance token of the Aave protocol, AAVE has a market cap of $4 billion and is among the top 30 largest cryptocurrencies by market capitalization.
Similarly, Yearn.Finance YFI encompasses several DeFi programs, allowing users to automatically allocate funds to the most lucrative yield-earning opportunities including lending aggregation, yield generation, and insurance.
In the announcement release, Doron Rosenblum, VP of Business Solutions at eToro, said:
“eToro’s plan this year is to expand our range of investments, so users have as wide a range of choices as possible available to them and the opportunity to diversify their portfolios across a wide range of use cases. With the addition of these four tokens, we are continuing on that journey, and we expect to add more tokens later this year.”
eToro Warns Users on Doing their Own Research
Meanwhile Compound (COMP) is an “algorithmic, autonomous interest rate protocol” with its governance token having a market cap of $2 billion.
Lastly, Decentraland is the ethereum-powered protocol that combines virtual reality with blockchain to create a Minecraft-inspired 3D world. MANA is the money of Decentraland, used to buy digital real estate and other virtual items.
“As always, we urge investors to do their research. Just as each stock has a business case, each crypto has a whitepaper that details its use case. Be cautious and remember the basic tenets of investing; diversify and only invest in markets and instruments with which you are familiar.” Rosenblum warned.