Coinbase supports Compound (COMP) shortly after Binance listing
Starting today, Ethereum token Compound (COMP) is now available on the Coinbase platform. In a blog recently posted to the exchange’s official medium page, Coinbase announced that the 24th most valued Cryptocurrency according to rankings from Coinmarketcap, will now be available to its users.
Both Android and IOS users of Coinbase will be able to sell, buy, and exchange the Ethereum token. As listed on the exchange’s official website, Coinbase supports a total of 102 counties. Users in all of the supported locations except New York will have access to the newly listed token.
“Coinbase customers can now buy, sell, convert, send, receive, or store COMP. COMP will be available for customers in all Coinbase-supported regions, with the exception of New York state.” – Coinbase Blog.
Due to its 2018 investment to Compound, It comes as no surprise that Coinbase is betting big on the token.
The new listing could lead to a Bullish Comp in the coming weeks as the token has now been made available to millions of Coinbase users worldwide.
Earlier today, leading cryptocurrency exchange Binance, also listed the COMP token on its platform. Binance took its traders by surprise with the listing, which not only cost zero BNB fees but also led to a 25% spike in trading price.
Prior to Binance’s listing, the token was trading at $230, shortly after, COMP spiked up to $260 and later shortly before a slight 10% drop that has now left it at $217 at the time of this writing.
COMP has only been introduced to the cryptocurrency market on the 17th of June, with an opening price of $74. Like many new tokens, COMP quickly took an upsurge to trade at $300 on the same day and has since retracted to trade at $210.
The inception of COMP to the world of DeFi is not only giving Ethereum tokens massive publicity, but the market capitalization of all DeFi tokens also recorded its first upsurge above $3 billion upon COMP’s launch.
COMP is also posing as a serious competitor for MakerDAO, which had previously taken the title as the leading DeFi token before now. With a market cap of more than $800 million, Maker will need to increase by more than $300 million in order to catch up with its newest rival.
Compound (COMP) is an Ethereum token built to function with the Compound protocol. With the integration of this protocol, users of Compound can borrow or supply Ethereum tokens through COMP’s decentralized system. On the protocol, borrowers are charged with a fee for the amount of cryptocurrency borrowed while suppliers are credited with an interest in the number of cryptocurrencies supplied.