Cryptex Finance (CTX), Total Crypto Market Cap (TCAP) Trading Now Supported by Gemini

By July 18, 2021DeFi
Click here to view original web page at www.crowdfundinsider.com

Digital assets firm Gemini notes that it’s pleased to announce support for Cryptex Finance (CTX) and Total Crypto Market Cap (TCAP).

CTX is currently available for trading and custody on Gemini, as of July 13, 2021. Trading for CTX is available on the crypto exchange’s FIX/REST APIs and their ActiveTrader application for USD trading pairs, as well as on their mobile app and official website “for USD, GBP, EUR, CAD, AUD, HKD, and SGD pairs.”

The company confirmed that TCAP “remains available for deposit and custody.”

As noted by Gemini:

“With the addition of CTX and TCAP we now offer trading for more than 45 cryptos, with a further 14 cryptos available for custody. We are proud to be the world’s first regulated platform to offer trading and custody support for CTX.”

The announcement from Gemini also mentioned that the addition of CTX and TCAP further strengthens their existing support for decentralized finance (DeFi) apps, offering users with a wide range of options “to dive into the world of crypto.” Gemini added that they’re looking forward to adding support for new crypto tokens and initiatives as they continue on their mission “to empower you, the individual, through crypto.”

Here’s a quick summary about these new tokens shared by the Gemini team:

CTX Cryptex Finance (CTX) is an ERC-20 utility and governance token “with various use cases within the Cryptex protocol.” CTX token holders can “vote on upgrades and management of the Cryptex treasury as well as create proposals and vote on said proposals, such as continued incentives for product development and other solutions to advance the Cryptex decentralized autonomous organization (DAO).”

Cryptex Finance is an Ethereum-based protocol that “lets investors, traders, funds, and DeFi users get exposure to the total crypto market capitalization.” Through smart-contract implementations, the protocol “leverages over-collateralization schemes and blockchain oracles to create a synthetic asset called TCAP that tracks the market cap of cryptocurrencies and tokens listed on the largest crypto data providers in the world.”

Some of these data providers reportedly “include Chainlink, Coinmarketcap, Nomics, Coin Paprika, and Coin Lore. CTX tokens can also be used to compensate for black swan events that may leave TCAP vaults under-collateralized.”

TCAP Total Crypto Market Cap is an ERC-20 synthetic token “created by Cryptex Finance.” The TCAP tokenization process “starts with querying the median total market capitalization value from oracles and dividing it by 10 billion.”

For example, if the total market cap of the crypto market is $2 trillion, “the unit price of TCAP will be $200.” Cryptex Finance is an Ethereum-based protocol that “lets investors, traders, funds, and DeFi users get exposure to the total crypto market capitalization.”

Through smart-contract implementations, the protocol “leverages over-collateralization schemes and blockchain oracles to create TCAP that tracks the market cap of cryptocurrencies and tokens listed on the largest crypto data providers in the world.”

Some of these data providers “include Chainlink, Coinmarketcap, Nomics, Coin Paprika, and Coin Lore.” The sole purpose of this token is “to mimic the performance of the total crypto market capitalization.” TCAP holders “cannot govern the Cryptex protocol; that role is undertaken by Cryptex’s native token CTX.”

All Today's Crypto News In One Place