VALLETTA, Malta, June 29, 2020 /PRNewswire/ -- OKEx (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, announces its new listing of COMP, the native token of Compound, an algorithmic, autonomous interest-rate protocol on the Ethereum blockchain. COMP spot trading against USDT and BTC opened at 6:00 am (UTC) today, June 29. Depositing COMP is available as of 5:00 am (UTC) on June 29 and withdrawal as of 9:00 am (UTC).
Launched in 2017, Compound was co-founded by Robert Leshner and Geoff Hayes to allow users to borrow, lend and earn interest on cryptocurrency in peer-to-peer transactions through a decentralized protocol. Since then, Compound has grown to become one of the cornerstones of the DeFi industry and, as of today, Compound is the world's largest DeFi protocol, with more than $600 million worth of crypto assets locked in it.
Unlike other cryptocurrencies or coins, COMP is a digital token, referred to as a "governance token." This is because COMP grants its holders the right to vote on important decisions that affect the protocol, from a technical upgrade on the platform to the decision to incorporate a new crypto asset.
"Compound has long been leading the field in decentralized finance, yet thanks to its continued innovation and development, it has now become the largest player in DeFi and a shining example of how far development has come in this space," said CEO of OKEx, Jay Hao, adding:
"We are extremely pleased to be able to help foster the growth of the DeFi ecosystem alongside Compound. It is our belief at OKEx that DeFi will eventually disrupt traditional finance and provide equal opportunities for everyone to access financial services. This, in turn, helps us to realize our vision at OKEx, which is to #FinanceAll."
OKEx prides itself on offering high-quality projects that bring liquidity to the exchange. Behind every new listing is an exhaustive process of due diligence ensuring that all possible measures are taken to assure projects' legal qualifications, business models, strength of community and market potential. OKEx adheres to these high standards during the listing review process to protect the interests of millions of traders.
A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.