Gemini, one of the biggest regulated cryptocurrency exchanges in the US, has always been on the lookout for the most promising coins in the crypto industry. The platform, run by the Winklevoss twins, published a blog post recently, saying that it is delighted to announce support for multiple tokens, including a set of DeFi, NFT, Metaverse, and infrastructure tokens, led by Gala (GALA).
Apart from Gala, the exchange also added 8 other cryptos, including Spell Token (SPELL), Magic Internet Money (MIM), Render Token (RNDR), Merit Circle (MC), Ethereum Name Service (ENS), Dogelon Mars (ELON), Civic (CVC), and Keep3rV1 (KP3R).
The announcement further says that trading will be added for all the tokens very soon, opening first on its API/FIX and ActiveTrader applications. The tokens will first be paired with USD, after which they will also arrive on the Gemini Mobile App, as well as the website. At that point, they will be paired against a number of fiat currencies, including USD, GBP, EUR, CAD, AUD, HKD, and SGD.
With this latest addition to its platform, Gemini now officially offers trading and custody for over 70 cryptocurrencies, plus 15 extra tokens that are currently only available for custody. Meanwhile, the exchange will stay on the lookout for any new tokens that might open up new opportunities for its traders.
What is Gala (GALA)?
GALA is an Ethereum-based utility token, created through the use of the project’s ERC-20 token model. It is a native cryptocurrency of the Gala Games Ecosystem, which allows users to run games on it, and earn GALA by supporting the ecosystem. The project’s ecosystem has come a long way already, with a lot more left to do.
The first game that was ever created within the Gala Games Ecosystem was known as Town Star, and it is a game with an interesting reward structure. Essentially, the top 100 players are rewarded in GALA, no matter who they may be. Meanwhile, GALA also acts as a non-refundable utility token, which can also be used as the medium of exchange between different individuals in the ecosystem.
With GALA in their possession, users can buy NFTs, or even purchase other assets. The project wants to create an environment rich with possibilities, where users can play games, obtain in-game items, but also keep their ownership of these items. Unlike current games running on centralized systems, such as Minecraft, or World of Warcraft, where users lose their items in case they are banned or the platform goes down — these games would allow users to keep their items in the form of NFTs.
They can then be bought, sold, traded, and perhaps even transferred to another game, provided that they are compatible. This brings a new kind of gaming to the industry — one that closely connects decentralized finance with decentralized gaming. In it, users get to make a profit by playing their favorite games instead of just treating gaming as a simple (and sometimes expensive) hobby.
To learn more visit our Investing in Gala Games guide.