After a surprise listing by cryptocurrency exchange Crypto.com App, an altcoin has challenged the crypto world trend.
Announcing the listing in a new blog post, Crypto.com has announced that users can use USD, EUR, GBP and nearly two dozen other fiat currencies. Spell Token (SPELL) announced that he could buy it.
The news of the listing sent the SPELL token, which means “magic” in Turkish, to the sky. The altcoin surged 45% from $0.011 to a weekly high of $0.016 immediately after the announcement.
SPELL is an Ethereum token that manages the Abracadabra.money platform, where users deposit interest-bearing cryptos to mint the Magic Internet Money (MIM) stablecoin.
Users can stake SPELL to obtain sSPELL tokens which entitle them to charge platform voting rights and protocol fees. The maximum supply of the altcoin is 210 billion.
MIMs can be traded with other stablecoins, including Tether (USDT), Dai (DAI), and USD Coin (USDC).
Spell Token joins the crypto asset list of over 200 cryptocurrencies and stablecoins powered by the Crypto.com App.
The cryptocurrency exchange recently announced partnerships with several major sports franchises, including the Los Angeles Lakers, Formula 1 Racing, and the Ultimate Fighting Championship.
SPELL’s price corrected slightly and is trading at $0.014 at the time of writing. Although the altcoin has experienced a huge rise, it is still trading 60 percent below its all-time high of $0.035, which it reached on November 2.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.