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Saturday, March 6, 2021

Gemini lists Compound as its first DeFi token

  • The other two tokens that will available on Gemini are Pax Gold (PAXG) and Amp (AMP).
  • The platform will be offering USD trading pairs for the three tokens.
  • Gemini worked together with the New York State Department of Financial Services for approval.

New York-based crypto exchange, Gemini, has announced that Compound (COMP), Pax Gold (PAXG), and Amp (AMP) tokens will now be available on the platform. Through a blog post on September 11, Gemini stated that the platform would start accepting deposits for the three tokens from September 15.

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According to the announcement, the platform affirmed that they had taken the right regulatory steps to comply with New York’s requirements for trading cryptocurrencies. The statement said,

“We have worked closely with the New York State Department of Financial Services to obtain approval to offer trading and custody services for these new assets, and we look forward to continuing to bring mission-oriented projects to you in the future.”

First DeFi Token

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As the DeFi craze continues, Gemini joins the growing list exchanges that are listing DeFi tokens. Compound’s COMP token will become the first DeFi token to be listed on Gemini. COMP is a governance token, and its concept is relatively new in the market. The token, whose current market cap is $563 million, is earned by those that lend money to Compound. One of the Winklevoss twins, Tyler, who’s a co-founder of Gemini exchange, tweeted about the listing.

PAXG and AMP Tokens

AMP is another token that Gemini has listed. Amp refers to a digital collateral token that provides “verifiable and instant collateral for any type of value transfer”. According to Uniswap, the decentralized exchange, the trading volume of Amp was $337,684 in the last 24 hours. PAXG, a stablecoin pegged on gold, will also be available on Gemini.

Gemini Platform

With the addition of the above three tokens, the total number of tokens available for trading on Gemini will now be 12. The platform may have caught the DeFi bug a bit late in the game, especially because its competitor Coinbase was among the first to list DeFi tokens. The platform is on a mission to empower individuals using cryptocurrencies by providing a userfriendly and interactive platform.

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