Revolut Drops Cardano (ADA), Solana (SOL) and Polygon (MATIC), But There's Catch

U.Today
U.Today

30 Jun 2023 9:59 AM

Another prominent broker axes ADA, SOL and MATIC following example of Robinhood, eToro and Bakkt...

  • Revolut, a digital investment bank, has announced the cessation of support for Cardano (ADA), Solana (SOL), and Polygon (MATIC) tokens.
  • The decision is limited to users in the United States due to the uncertain regulatory status of these tokens as unregistered securities.
  • Similar actions have been taken by other trading platforms like Robinhood, Bakkt, and eToro.
  • The immediate effect on the prices of SOL, ADA, and MATIC has been minimal, as they are currently experiencing a 5% increase.
  • The long-term implications could potentially damage the widespread acceptance of these tokens, especially in the market with a substantial number of retail investors and significant capital.
  • While users outside the United States can still access and trade these tokens on other platforms, the impact of the cut from one of the biggest markets remains to be seen.

The article presents a surprising move by Revolut to cease support for ADA, SOL, and MATIC tokens. While the immediate effect on prices has been minimal, the long-term implications and potential damage to widespread acceptance are highlighted. The sentiment is neutral, providing information without expressing a clear positive or negative stance.

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You May Ask

Which tokens did Revolut announce the cessation of support for?Why did Revolut make this decision?Which other trading platforms have taken similar actions?What has been the immediate effect on the prices of SOL, ADA, and MATIC?How could the exclusion of these tokens from the market impact their widespread acceptance?

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