‘Magic’ Altcoin Project Soars After Earning Support From Top Crypto Exchange – The Daily

One altcoin is enchanting the crypto world after a surprise listing on the Crypto.com App digital currency exchange.

In a new blog post, Crypto.com says that users can purchase Spell Token (SPELL) using USD, EUR, GBP and nearly two dozen other fiat currencies.

News of the listing sent SPELL skyward, increasing 45% from $0.011 to a weekly peak of $0.016 right after the announcement.

SPELL is an Ethereum token that governs the Abracadabra.money platform where users deposit interest-bearing cryptos to mint the stablecoin Magic Internet Money (MIM).

Users can stake SPELL to obtain sSPELL tokens that will grant them platform voting rights and a claim to fees generated by the protocol. The altcoin has a maximum supply of 210 billion.

MIMs can be traded with other stablecoins including Tether (USDT), Dai (DAI) and USD Coin (USDC).

Spell Token joins a roster of more than 200 cryptocurrencies and stablecoins supported by the Crypto.com App.

The crypto exchange recently announced partnerships with several leading sports franchises, including the Los Angeles Lakers, Formula 1 Racing and the UFC.

The price of SPELL has corrected to $0.014 at time of writing. It reached an all-time high of $0.035 on November 2nd.

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Read More:‘Magic’ Altcoin Project Soars After Earning Support From Top Crypto Exchange – The Daily