Compound’s COMP Token Latest Addition To Coinbase Pro

Coinbase, a popular cryptocurrency exchange recently revealed that the platform would add support to prominent DeFi lending platform, Compound’s COMP token. The token witnessed a 73.33 percent increase in price [during press time] since the announcement. 

Trading Of COMP Tokens To Take Place In The Fourth Stage

San Fransico-based cryptocurrency exchange, Coinbase was in the news earlier this month due to its infamous crash during Bitcoin’s 10K leap. Once again, the cryptocurrency exchange is making headlines however due to a new listing.

Coinbase published a blog post revealing that the decentralized lending protocol, Compound’s COMP token is the latest addition to its exchange. The exchange announced the same on Twitter. The tweet read,

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

As per the blog post published by the exchange, the platform will start allowing inbound transfers of the COMP token to Coinbase Pro from 22 June 2020. However, trading activities are said to begin on 23 June 2020 after 9 AM Pacific Time (PT) only if the liquidity conditions are sufficed.

The exchange plans on carrying out the addition of this Ethereum based token via four stages. The first stage or the transfer-only stage will allow users to transfer the tokens into their Coinbase Pro account. The second stage or the post-only stage will restrict customers to post limit orders with no matched. The limit-only step is the third stage where limit orders are said to start matching and this is followed by the final stage of full-trading where customers can avail limit, market as well as stop orders.

While the community seemed to be excited about Coinbase’s latest addition, New York State will be exempted from availing the latest addition, the exchange suggested. The platform will reportedly allow trading on COMP-USD and COMP-BTC in the post-only mode after the required amount of COMP is installed on the exchange.

COMP Token’s Price Soars

Just minutes after the announcement the price of the token was seen surging significantly.

Compound has established its position in the DeFi space. The network is considered as one of the most popular platforms on DeFi and even has a total of $281.3 million locked in the space. The latest figure is its all-time high.

Additionally, Coinbase also revealed that the exchange already holds a certain amount of COMP tokens following its 2018 investment in the decentralized lending protocol.