For the past few days, Coinbase.com users have been able to buy, sell and trade COMP, the cryptocurrency behind the DeFi Compound protocol.
Last Thursday, on his blog, the American crypto-broker announced support for Compound (COMP) sure Coinbase.com and its related mobile applications.
As of today, Coinbase supports Compound (COMP) on Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can buy, sell, convert, send, receive or store COMP. COMP will be available to customers in all regions supported by Coinbase, except New York State, ”wrote Coinbase.
Issued only 15 days ago, the token was already entering Coinbase Pro, the American giant's secondary crypto-trading platform, last week. After having touched the $ 370, it is now trading around $ 240 for a market capitalization of $ 626 million.
On Twitter, the founder of Compound, Robert Leshner, said there are now over $ 1 billion in locked value in the startup protocol.
Excited for $ COMP holders to extend and upgrade Compound, past the next major milestone, ” he said, illustrating his remarks with a table indicating that most of the locked value (more than 30%) came from the Basic Attention Token (BAT).
Founded in 2018 in San Francisco, Compound offers a crypto-lending service on which cryptocurrency holders can lend their assets, in the form of US dollar-backed stablecoin, to other people and receive interest. Borrowers have the opportunity to take out loans while providing a guarantee in ETH. Thanks to a smart contract system, the process is fully automated.
Last year Andreessen Horowitz (a16z Crypto) led a $ 25 million Series A financing round for Compound.