Spell Token (SPELL) is now listed in the Crypto.com App, joining the growing list of 200+ supported cryptocurrencies and stablecoins, including Bitcoin (BTC), Ether (ETH), Polkadot (DOT), Chainlink (LINK), VeChain (VET), USD Coin (USDC), and Crypto.org Coin (CRO).
SPELL is an Ethereum token that governs Abracadabra.money, a platform that allows users to produce Magic Internet Money, otherwise known as MIM. The platform aims to solve the problem of capital inefficiencies seen in the launch of DeFi 2.0 by letting users deposit collateral in the form of interest-bearing crypto assets like yvWETH, yvUSDC, and xSUSHI in order to mint MIM. Aside from its use in the governance of Abracadabra.money, SPELL can also be staked to allow its holders to earn a percentage of trading fees from the platform.
Crypto.com App users can now purchase SPELL at true cost with USD, EUR, GBP, and 20+ fiat currencies, and spend it at over 80 million merchants globally using the Crypto.com Visa Card.