Coinbase Pro, the largest cryptocurrency exchange in the United States announced the listing of COMP, the token powering the decentralized lending protocol Compound.
On Monday, June 22, our COMP-USD and COMP-BTC order books will enter transfer-only mode, accepting inbound transfers of COMP in supported regions. Orders cannot be placed or filled. Order books will be in transfer-only mode for a minimum of 12 hours. https://t.co/maPTOLdYiW
— Coinbase Pro (@CoinbasePro) June 18, 2020
According to the announcement, Coinbase will begin accepting inbound transfers of COMP to Coinbase Pro on Monday, June 22. Trading will begin on or after 9AM Pacific Time (PT) the following day, if liquidity conditions are met.
After a sufficient — unspecified — supply of COMP tokens make their way to Coinbase Pro, the exchange will progressively roll-out trading functionality for the tokens. There will be two trading pairs including the token in question, namely the COMP-Bitcoin (BTC) and COMP-USD pairs.
Compound (COMP) is an Ethereum token that governs the Compound protocol. The protocol allows anyone to supply or borrow Ethereum tokens through a decentralized market. Suppliers earn interest on the crypto they supply to the protocol and borrowers pay interest to borrow it.
According to the company’s blog, Coinbase said also owns COMP tokens as a result of a 2018 investment in Compound. Coinbase intends to maintain its investment in Compound for the foreseeable future and maintains internal policies that address the timing of permissible disposition of its digital assets, including COMP tokens.
COMP price now is $126. COMP price is up 60% in the last 2 hours after the Coinbase’s announcement. It has a circulating supply of 0 coins and a max supply of 10 million coins.
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