What is Goldfinch (GFI) token? Why is it surging?

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What is Goldfinch (GFI) token? Why is it surging?

 What is Goldfinch (GFI) token? Why is it surging?
Image source: © Juliuscwt | Megapixl

Highlights

  • Goldfinch (GFI) is an Ethereum powered blockchain protocol, which offers crypto lending facilities to institutions, individuals without the need of collateral in return. 
  • Goldfinch’s rally started after its Coinbase listing on 12 January and saw the token enjoy a rally of 42% and a volume of well over 400%.
  • GFI token is currently ranked 556 and at the time of drafting was trading at US$12.20 with a volume of US$81,275,304 over a day.  

Goldfinch (GFI) is an Ethereum powered blockchain protocol, which offers crypto lending facilities to institutions, individuals without the need of a collateral in return. Dubbed to be the missing part of the decentralised finance system, Goldfinch operates in a way that allows the borrowers to showcase their creditworthiness.

Operating on the Proof-of-Trust consensus, the Goldfinch protocol can be dubbed more than just as a loan service. Besides, the holders also get a chance to vote on the future of the protocol.

It offers users to stake crypto assets to those assets whose value may be more than the value of the cryptos. Therefore, through Goldfinch, the crypto loans segment will empower financial inclusion in a true sense.

Also read: Why is Spintop (SPIN) crypto spinning in bullish direction?

Goldfinch (GFI) token was enjoying a good Thursday session with a rally of 42% and a volume of well over 400%.  

Why is Goldfinch rallying?

The rally started after its Coinbase listing on 12 January. As soon as the listing news was reported, its price went up from US$8 to US$13 within 24 hours with a surge by close to 71%.

With the listing, the users can seamlessly trade or store Goldfinch tokens with certain exceptions. Revealing further information through a blog, Coinbase said that it would be doing so in stages format that would include auction mode, limit-only and the full-trading mode.

Also read: Can SparkPoint (SRK) cryptos' impressive rally woo investors?

In GFI’s case, Coinbase made it clear that it will only open trading if enough liquidity is met. For now, it is limited to inbound transfers only.

How is Goldfinch is faring?

GFI token is currently ranked 556 and at the time of drafting was trading at US$12.20 with a volume of US$81,275,304 over a day. Last three months have been difficult for GFI token and this rally of 29.11% is certainly heartwarming.

From the volume perspective, the token has certainly gained more market players since the Coinbase listing and this could grow in the coming weeks or months. For now, the volume saw of a spike of 381.44% at the time of drafting with a live market cap of US$61,873,798 and a supply of 5,072,242 GFI coins.

Conclusion

Goldfinch’s future looks promising by not just the Coinbase’s listing but other developments from its end as well. Venture capitalist Andreessen Horowitz has shown interest in the project, which has helped Goldfinch raise US$25 million to help its DeFi lending protocol for borrowers in other developing countries.

Not just Horowitz, the Goldfinch project has been backed by other firms such as Coinbase Ventures, SV Angel, Bill Ackman, etc. As far as price prediction is concerned, many believe that if the rally continues it could well see the token challenge its all-time high of US$31.11. 

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