Popular U.S-based cryptocurrency exchange, Coinbase has announced support for Compound (COMP) through its official website.
Compound (COMP), an ERC-20 token that empowers community governance and decentralized lending of the Compound protocol, will become available in all Coinbase supported jurisdictions aside New York.
According to the announcement, COMP trading will start on Coinbase Pro as from Tuesday, June 23, by 9 a.m. pacific times, provided all liquidity conditions are met.
However, as from Monday, June 22, users will be allowed to deposit their COMP token into their Coinbase Pro account ahead of trading, and following previous launches, transfers will open during business hours, Pacific time.
It was further stated in the announcement that the exchange will progressively roll out trading functionality for COMP, once a sufficient and unspecified supply of the token is established on the platform. The COMP token will be trading in two pairs namely the COMP/U.S.D and COMP/Bitcoin pairs.
The pairs will at first be available in post-only modes. Stop and limit orders will be introduced once the firm’s expectation of a healthy market is met by the pair.
The announcement emphasized that COMP won’t be available on Coinbase.com for now. Nevertheless, there are possible indications that the token will also be listed on Coinbase’s popular retail crypto exchange soon.