Digital Asset Exchange Crypto.com Rolls Out Support for Under-the-Radar DeFi Altcoin

Singapore-based digital asset exchange Crypto.com is adding support for another low-cap decentralized finance (DeFi) altcoin.

The exchange’s customers can now trade the native token of Ribbon Finance (RBN), a suite of DeFi protocols that aims to help users access crypto-structured products.

RBN is trading at $0.34 at time of writing. The 179th-ranked crypto asset by market cap is down more than 3.5% in the past 24 hours and more than 9% in the past seven days. It’s also more than 93% down from its all-time high of $5.54, which it hit in October 2021.

According to the project’s website, Ribbon Finance combines derivatives, lending and an on-chain options exchange.

Top US crypto exchange Coinbase rolled out trading services for RNB late last year. In February, the exchange also started offering custodial services for the crypto asset through the Coinbase Custody cold storage trust.

Crypto.com continues to expand its roster of tradeable crypto assets despite facing public headwinds in recent months. A report from the magazine Ad Age in October indicated the exchange had laid off more than 2,000 employees, an estimated 30-40% of its staff.

That number was much larger than the estimate provided by Crypto.com CEO Kris Marszalek in early June. Marszalek said on Twitter at the time that the exchange had laid off 260 people, or about 5% of the company’s workforce.

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Featured Image: Shutterstock/Rakhimov Edgar