On November 16, cryptocurrency exchange Bittrex Global announced that it will be adding support for seven new DeFi tokens to its platform, namely UMA (UMA), Aave (AAVE), Balancer (BAL), REN (REN & renBTC), Kyber Network (KNC), YF Link (YFL), and Band Protocol (BAND).
The company stated that these changes come forward as a result of a 1,000% growth of the DeFi asset class over the course of this year. Currently, the exchange trades almost all of the top DeFi tokens on its platform free of trading fees, with plans to add twelve more before the end of 2020.
According to the announcement, the company decided to completely remove gas fees for DeFi token trading until the start of next year, in order to allow more investors to join the Blockchain Act’s digital asset regulatory system. All clients that want to utilize Bittrex’s services must comply with the KYC/AML/CFT standards required by the act.
Tom Albright, CEO of Bittrex Global, said that, as more institutional and professional investors realize the potential of the DeFi asset class, increased demand and higher trading volume are expected in 2021. He claimed that offering no trading fees on DeFi will effectively expose these projects to Bittrex’s millions of users.