The COMP token may have been round for lower than two weeks, however it’s already been listed on each Coinbase’s retail and Professional platforms.
The San Francisco-based exchange mentioned in a weblog publish Thursday the token had been made accessible on Coinbase.com and through the agency’s Android and iOS apps.
“Coinbase customers can now buy, sell, convert, send, receive or store COMP. COMP will be available for customers in all Coinbase-supported regions, with the exception of New York state,” the exchange mentioned.
COMP was listed on Coinbase Professional, the exchange’s skilled buying and selling platform, on Monday, in what was one of many quickest Coinbase listings thus far following the launch of a digital asset.
Predictably, the COMP price, which had been meandering downwards since a pointy drop on Tuesday, bought a 20% kick from the information.
Simply earlier than the Coinbase announcement, the token was buying and selling at simply above $210 – down 40% from the place it began the week at one thing like $350. On the time of writing, COMP was just below the $250 mark.
COMP has been making headlines since its inauspicious launch lower than two weeks in the past metamorphosed right into a triple-figure rally. After an preliminary itemizing price of $80 on Monday, June 15, COMP broke the $100 mark Thursday earlier than its price doubled once more within the area of 24 hours.
To this point, COMP’s all-time excessive has been the $372 it reached final Sunday.
Nonetheless, the launch hasn’t been with out points. COMP is a governance token, awarded freely to each lenders and debtors to incentivize individuals to make use of the platform as a lot as attainable. It didn’t take lengthy for merchants to appreciate they might simply borrow towards themselves to obtain free tokens.
Automated market maker Curv informed Fintech Zoom on the time that customers have been lending one USD stablecoin towards one other, repeating the method as much as 30 instances to maximise their COMP allocation.
Earlier this week, some analysts additionally highlighted that merchants have been shopping for COMP tokens from spot markets along with COMP perpetual swaps – futures with out expiry – on derivatives exchange FTX, to speed up price will increase additional.
“The relatively large size of the COMP Perpetual Swap market, it would be profitable to buy the Perp and then buy spot in significant enough size to move the price, amplifying gains in the Perp and squeezing the shorts,” mentioned Tony Sheng, a principal at Multicoin Capital, in a weblog publish on Wednesday – the identical day the COMP price tumbled to $200.
After all, 48 hours is a very long time in crypto. With the information of the Coinbase itemizing, COMP has rebounded and its market cap now stands at $680 million, based on CoinGecko.
The chief in blockchain information, Fintech Zoom is a media outlet that strives for the best journalistic requirements and abides by a strict set of editorial insurance policies. Fintech Zoom is an impartial working subsidiary of Digital Forex Group, which invests in cryptocurrencies and blockchain startups.