Introducing Five New Coins
The Wirex family just keeps on growing. We’re excited to introduce you to our latest additions: COMP, 1INCH, REP, BNT & BAL! These five new tokens are now available to buy and exchange in the Wirex app at unbeatable live OTC rates. So, shall we meet them?
Meet our five new tokens
Compound (COMP) is a protocol that runs on the Ethereum blockchain. It was founded by Robert Leshner and Geoffrey Hayes in 2018. With COMP, you can deposit cryptocurrency into lending pools, which others can access to borrow. You’ll also earn interest on the assets you deposit.
1inch (1INCH) is an Ethereum token which powers the DeFi aggregation protocol, 1inch. It claims to offer the best rates by discovering the most efficient swapping routes across all leading DEXs. Once it’s found the best prices, it reroutes trades between them, allowing users to easily and cheaply transfer assets.
Reputation token (REP) is a cryptocurrency that powers Augur, a decentralised prediction market built on the Ethereum blockchain. Its purpose is to counterbalance the spread of false information by rewarding people for correctly reporting the outcome of events.
Bancor Network Token (BNT) is an Ethereum token which powers the Bancor protocol. The protocol allows users to instantly and directly convert digital assets, instead of having to exchange them on cryptocurrency exchanges. BNT facilitates the trading between different pools on the network.
Balancer (BAL) is an Ethereum token that powers the Balancer Protocol, an automated market maker that allows users to earn profits by contributing to customisable trading pools. These pools provide the liquidity needed for users to buy and sell cryptocurrency on the platform. Liquidity providers are rewarded with a portion of the trading fees, plus BAL tokens, which also act as governance tokens for the protocol.