One altcoin is enchanting the crypto world after a surprise listing on the Crypto.com App digital currency exchange.
In a new blog post, Crypto.com says that users can purchase Spell Token (SPELL) using USD, EUR, GBP and nearly two dozen other fiat currencies.
News of the listing sent SPELL skyward, increasing 45% from $0.011 to a weekly peak of $0.016 right after the announcement.
SPELL is an Ethereum token that governs the Abracadabra.money platform where users deposit interest-bearing cryptos to mint the stablecoin Magic Internet Money (MIM).
Users can stake SPELL to obtain sSPELL tokens that will grant them platform voting rights and a claim to fees generated by the protocol. The altcoin has a maximum supply of 210 billion.
MIMs can be traded with other stablecoins including Tether (USDT), Dai (DAI) and USD Coin (USDC).
Spell Token joins a roster of more than 200 cryptocurrencies and stablecoins supported by the Crypto.com App.
The crypto exchange recently announced partnerships with several leading sports franchises, including the Los Angeles Lakers, Formula 1 Racing and the UFC.
The price of SPELL has corrected to $0.014 at time of writing. It reached an all-time high of $0.035 on November 2nd.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tuso chakma/LongQuattro
The post ‘Magic’ Altcoin Project Soars After Earning Support From Top Crypto Exchange appeared first on The Daily Hodl.