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Crypto exchange Gemini is adding a stablecoin to its list of tradable assets

Yilun Cheng

Beginning Friday, crypto exchange Gemini will support three new digital currencies: Chainlink, Orchid and the stablecoin Dai.

Gemini already offers trading and custody support for bitcoin, ether, and bitcoin cash, litecoin, and Zcash. The addition of Dai represents the exchange's first listing of a stablecoin. 

Earlier this week, the exchange announced its plan to bring Brave browser's BAT token onto its platform. Users will be able to deposit BAT into their accounts starting April 24, with trading support coming soon after.

On Thursday, Gemini disclosed that deposits of the three coins will be enabled on Friday, April 24, and trading will open "shortly thereafter," according to the announcement.

"These assets will provide our customers with a new way to interact with the crypto ecosystem," the exchange said in its statement.

With Dai, for example, users will be able to deposit any supported ERC20 tokens including ETH into Maker’s platform, borrow out the token at 66% of the deposit value to trade on Gemini, and pay a stability fee upon returning the asset. 

Dai has seen considerable growth during the first quarter of the year. According to recent research by The Block, in Q1 2020, the transaction volume for stablecoins increased by 8% from the previous quarter and surpassed $90 billion for the first time ever. 

Editor's Note: This report has been updated to clarify that the listings will go ahead on Friday, April 24.