COMP, the governance token of decentralized finance (DeFi) lending protocol Compound, will soon be listed for trading on Coinbase. The exchange announced Thursday, that it would begin accepting inbound transfers of COMP on Monday, June 22, to Coinbase Pro, with trading beginning on Tuesday.
Coinbase's announcement follows just three days after the Compound team began distributing its tokens to users. COMP is currently trading at slightly above $100 (~0.43ETH) on decentralized exchange Uniswap.
The COMP token was first unveiled in February and went live on Ethereum in mid-April. According to Coinbase, the exchange owns COMP tokens "as a result of a 2018 investment in Compound." The exchange added that it "intends to maintain its investment in Compound for the foreseeable future and maintains internal policies that address the timing of permissible disposition of its digital assets, including COMP tokens."