An under-the-radar decentralized finance (DeFi) blockchain project is surging 30% this week, defying the overall crypto market.
Reef (REEF) – a layer-1, EVM-compatible blockchain for DeFi, non-fungible tokens (NFTs) and gaming – is trading at $0.005001 at time of writing, up from $0.003847 seven days ago.
The 244th-ranked crypto asset by market cap is also up more than 5% in the past 24 hours.
At the end of August, Binance.US listed REEF. A few days later, Reef dropped the “Reef Card,” a Mastercard crypto debit card, to customers in the United Kingdom and Europe, according to a press release.
The card converts customers’ crypto into fiat currencies at time of purchase, and it can be used at more than 90 million merchants. Cardholders can also withdraw fiat currencies at select ATMs.
This week, REEF was listed on Canadian crypto exchange Biconomy. Additionally, the project recently announced a partnership with Web3 decentralized communication protocol EPNS. The partnership enables instant and automatic notifications when Reef users’ assets are bridged through Reef Chain.
The overall crypto market cap is down nearly 3% in the past seven days. Despite REEF’s price surge, it remains down more than 91% from its all-time high of $0.057460, which it hit in March 2021.
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