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Coinbase Adding New Crypto Asset After 77% Surge in Just Four Days

June 19, 2020

Coinbase Pro users will be able to trade the surging Compound token (COMP) starting next week.

COMP launched on Monday and is an Ethereum governance token for Compound, a decentralized lending platform. Since its rollout, the asset has skyrocketed in price from around $93.50 to about $165.85 at time of writing, nearly an 80% increase.

Coinbase Pro will begin accepting inbound transfers of COMP next Monday and start trading at 9:00 a.m. Pacific Time the following day, as long as liquidity conditions are met.

After that, the San Francisco-based exchange will roll out more services for the token in these three additional stages:

“2. Post-only. In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one minute.

3. Limit-only. In the third stage, limit orders will start matching, but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of ten minutes.

4. Full trading. In the final stage, full trading services will be available, including limit, market, and stop orders.”

Coinbase invested in Compound’s $8.2 million seed funding stage in 2018. The Compound protocol enables suppliers to lend Ethereum tokens to borrowers through a decentralized market. Lenders earn interest at rates that are algorithmically adjusted in real time based on borrowing demand, according to the company.

COMP is not yet available on Coinbase.com or the company’s consumer mobile app. After coins hit Coinbase Pro and gain liquidity, they are typically added to Coinbase in a matter of days.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/tunnelmotions