Coinbase Pro Announces Support for Compound’s DeFi Token COMP

United States cryptocurrency exchange Coinbase Pro announced the listing of COMP, the token powering the decentralized lending protocol Compound.

According to a Thursday announcement, COMP trading will start on June 23 at 9 a.m. Pacific Time if the liquidity requirements are met. Furthermore, users will be able to deposit their COMP tokens the day hours before the trading activity is scheduled to start.

Trading will start progressively

After a sufficient — and 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/U.S. dollar pairs.

Initially, the pairs will be available in post-only modes. Limit orders will be allowed sometime thereafter. Once the firm’s expectations for what constitutes a healthy market are met by the pairs, full trading with the market, stop and limit orders will start.

Compound is an Ethereum-based decentralized finance protocol that allows its users to borrow tokens or deposit them in exchange for interest. The announcement notes that “COMP is not yet available on Coinbase.com” which possibly implies that Coinbase’s popular retail crypto exchange will also list the token.