Crypto exchange Gemini today confirmed that it will enable traders to deposit Pax Gold, Amp and Compound. On September 15, trading will commence for these new tokens.
DeFi in New York
Gemini, an FDIC insured New York exchange led by Cameron and Tyler Winklevoss, said that its ActiveTrader network and API connections will provide USD trading pairs to the three new tokens.
Compound’s Metrics, Courtesy of CoinGecko
The most notable addition, according to CoinGecko metrics, is $COMP, an algorithmic, autonomous interest rate protocol. As Coinbase’s first investment since its inception, Compound has grown exponentially since its start.
According to CoinMarketCap, $COMP has a market capitalization of $421 million. Governance tokens are used to vote on network changes and updates, making Compound a decentralized network.
One Step Forward for Crypto Legitimization
$COMP is received by those who lend out money on the Compound network. As the progenitor of the DeFi craze, Compound might have befuddled many regulators.
However, the listing of Compound on Gemini might mean good news for DeFi as a whole, as New York regulations tend to be particularly stringent regarding cryptocurrencies.