Coinbase Announces Plans to List Two New Tokens
We, at Coinbase, have recently announced our plans to bring two new tokens to our platform. The cryptocurrency exchange will list Compound (COMP) and Synthetix (SNX), both of which are decentralized finance (DeFi) tokens. The listing will take effect in the coming weeks, according to Coinbase's official announcement.
Synthetix is a derivatives liquidity protocol built on Ethereum, while Compound is an open-access, liquidity providing protocol that allows users to borrow or lend digital assets in return for fees.
Coinbase believes that the addition of these tokens will provide customers with access to more options for both earning and spending their funds. “Compound and Synthetix are both leaders in their respective fields and represent the cutting edge of crypto innovation," the company said in a press release.
"We’re dedicated to offering our customers access to a wide variety of assets they can use on our platform and look forward to seeing how these innovative assets evolve over time."
These two tokens join a growing list of DeFi products being offered by Coinbase, as well as other prominent crypto exchanges. As demand for DeFi increases, many platforms have sought out these projects as ways for their users to diversify their portfolios and tap into new markets.
"We think this asset class has tremendous potential," said CEO Brian Armstrong. "Listing these two new tokens helps further solidify Coinbase’s position as a leader in driving mainstream adoption of DeFi."