Why is Reef (REEF) crypto drawing attention?

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 Why is Reef (REEF) crypto drawing attention?
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Highlights 

  • Reef (REEF) is an EVM compatible layer-1 blockchain for DeFi, NFT, and gaming.
  • Reef is now listed on Crypto.com, a cryptocurrency exchange app with more than 250 cryptocurrencies and stablecoins listed on its platform.
  • REEF token’s total supply is 18.28 billion. 

On Thursday, Reef (REEF) announced its listing on the Crypto.com cryptocurrency exchange app. More than 250 cryptocurrencies and stables coins, including Bitcoin (BTC), Ether (ETH), Chainlink (LINK), VeChain (VET), USD Coin (USDC), Cronos (CRO), and Polkadot (DOT), are listed on Crypto.com app.

The REEF token jumped 2.79% to US$0.009902 at 12:51 pm ET on Thursday after the news. Users on the Crypto.com app can now purchase REEF and spend it at 80 million+ merchants globally using the Crypto.com Visa Card.    

Earlier this month, Reef announced to launch its own crypto card, noting that Crypto cards have become a need to meet the demand for easy-to-use crypto tools in the market. 

Reef announced to launch its own ‘Reef card’ by March-end. It has partnered with Baanx, an experienced entity in financial services. It is also integrating VISA, MasterCard, and other transaction payment systems for payment authorization. As per its official blogpost, Reef Card will be available only to REEF holders in the US and Europe at launch.

Also Read: Why is Ribbon Finance (RBN) crypto drawing attention?

What is Reef (REEF)?

The reef is an EVM compatible layer-1 blockchain for DeFi, NFT, and gaming. The word REEF stands for Reliable, Extensible, Efficient, and Fast. It is self-upgradable. Its infrastructure allows for native token bridge, schedule calls, and smart contract in-place code upgrades.

The Reef chain network runs on the Nominated Proof of Stake (NPoS) consensus mechanism, which offers scale with low fees. It was founded by Denko Mancheski, a fintech enthusiast who aims to build an advanced blockchain for small investors looking for DeFi, Gaming and NFT products with low fees and high scalability.

Also Read: Why is metaverse game Axie Infinity (AXS) rising?

Why is Reef (REEF) crypto drawing attention?Data Source: coinmarketcap.com

Also Read: Why did Quantstamp (QSP) crypto’s volume rose over 7000%?

REEF token details: 

REEF is the utility token on the Reef Network. The token is used for on-chain governance, paying transaction fees, storing data, running validator nodes, and collateral in the reef chain ecosystem. Users can also stake REEF tokens to participate in the governance process and earn rewards. Currently, there are 25,551 token holders.

The token has a current market capitalization of US$181 million. Its circulating supply is 18.28 billion REEF, and the total supply is 18.28 billion. One can trade REEF on Binance, Mandala Exchange, FTX, CoinTiger, and Hotcoin Global crypto exchange.

Also Read: Why is OriginTrail (TRAC) crypto rising?

What is Reef (REEF) Crypto?

Bottomline

 The Crypto market is volatile and has various risks. Hence, investors should exercise due diligence before investing in the digital assets market.

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