Gemini announced the addition of trading pairs featuring Dai (DAI), Chainlink (LINK), and Orchid (OXT) in a blog post on April 9. The new additions will bring the total number of tradable tokens on Gemini’s platform up to nine.
Additions based on markets and consumption models
Gemini has chosen these tokens in particular for their proven markets and novel consumption models, which suggest the demand will continue to grow as the ecosystem evolves.
Dai is the collateral-backed stablecoin of the Maker Protocol’s decentralized finance (DeFi) platform, with a soft-peg to the United States dollar. Chainlink creates bridges between blockchain smart contracts and off-chain data, while Orchid is a peer-to-peer decentralized marketplace for virtual private network (VPN) bandwidth.
Trading five to nine
Deposits of the new tokens will be accepted from 9:30 am ET on April 24, with trading set to follow shortly thereafter. Existing traders will need to create a new Ethereum deposit address if they wish to deposit the newly supported tokens, as existing addresses will not be supported.
The new additions join existing supported tokens, Bitcoin (BTC), Ether (ETH), Zcash (ZEC), Bitcoin Cash (BCH), Litecoin (LTC), and the recently announced Basic Attention Token (BAT), which will also be added on April 24.
Gemini supports another 15 cryptocurrencies on its custody service.