Coinbase Announces Compound Listing And How To Manage Its Position
American cryptocurrency exchange Coinbase announced the listing of the Compound (COMP) token, which became available for trading earlier this week.
According to the announcement, deposits in preparation for trading on Coinbase Pro will begin accepting on June 22nd. Trading will open the next day, subject to the formation of sufficient liquidity. COMP will initially be available for exchange for bitcoin and US dollar. As with previous Coinbase listings, trading will be launched in multiple phases, and support on Coinbase.com and mobile may be available at a later date..
Coinbase also notes that it itself is the holder of COMP tokens, which were due to it following the results of the investment round in 2018. During the round of collecting initial funding, Compound managed to raise $ 8.2 million.At the end of 2019, the project received another $ 25 million with the support of the Andreessen Horowitz crypto fund.
“Coinbase intends to maintain its investment in Compound for the foreseeable future and has internal policies that define the timing of acceptable disposal of digital assets, including COMP tokens,” Coinbase writes..
In April, Coinbase allowed clients of its custodian business to use the COMP tokens in their possession to participate in project management. Compound Builds Decentralized Finance (DeFi) Platform For Crypto Lending.
COMP price doubles to $ 127 amid Coinbase announcement today.
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