Coinbase adds DeFi token Compound to its Pro exchange

Crypto exchange Coinbase has announced it is bringing the DeFi token Compound to Coinbase Pro, its professional trading exchange, according to a blog post.

The exchange will start accepting deposits of the token on June 22 and trading will begin the following day, assuming there's enough liquidity.

Compound (COMP) is an Ethereum-based token that's used as a governance token for the Compound protocol. The Compound protocol is a decentalized finance (DeFi) platform for borrowing and lending cryptocurrency.

Compound is the second most popular DeFi protocol, with $276 million of cryptocurrency currently being used in its platform.

The COMP token was only released on June 15 and has already amassed a $1.1 billion market cap, becoming the most valuable DeFi token in its first week.

The token is not yet being added to Coinbase's main consumer platform, but tokens typically launch there after going live on Coinbase Pro.

Coinbase notes that it invested in Compound in 2018 and holds some COMP tokens as a result. It plans on keeping its stash of tokens.

This article has been updated with extra context on Compound.