Popular cryptocurrency exchange Coinbase Pro will be adding support for COMP, the token behind the decentralized lending protocol Compound, the firm said in a blog post on 18 June.
According to the announcement, the exchange will begin accepting inbound transfers of COMP on 22 June, while trading will begin on 23 June at 9 A.M. Pacific Time, if the liquidity requirements are met. The token will be available in all Coinbase supported jurisdictions, with the exception of New York State.
Based on Ethereum, Compound is a decentralized finance (DeFi) protocol, which allows its users to borrow or deposit tokens in exchange for interest. Back in November 2019, the firm raised around $25 million in a Series A funding round, backed by Horowitz, Paradigm, Bain Capital Ventures, and Polychain Capital.
Prior to launching the token, an unspecified amount of COMP needs to make its way to Coinbase Pro, before the exchange is able to progressively roll out its trading functionality. At the start there will be only two trading pairs available for the token in question, them being COMP/Bitcoin (BTC) and COMP/U.U. dollar pairs.
While the trading pairs will be available in post-only mode at the start, eventually the exchange will allow limit orders, which will be available for a minimum of ten minutes. After the pairs meet the firm’s expectations for a healthy market, full trading will be enabled, and stop and limit orders will start.
