What’s New With Compound Governance Tokens (COMP) at Coinhako?
1. COMP Singapore Dollars Trading 🇸🇬
The COMP/SGD trading pair on Coinhako is the 1st to price COMP against the Singapore Dollars (SGD) 🇸🇬.
Coinhako Singapore users will be able to Buy and Sell COMP directly with their Singapore Dollar (SGD) balance on their accounts.
2. COMP Vietnamese Dong Trading 🇻🇳
The COMP/VNDT trading pair on Coinhako is the 1st to price COMP against the Vietnamese Dong (VND) 🇻🇳.
Coinhako Vietnam users will be able to Buy and Sell COMP directly with their Vietnamese Dong Tether (VNDT) balance on their accounts.
3. COMP Swaps (Crypto-to-crypto trading)
All Coinhako users will be able to trade COMP with other cryptocurrencies that are supported in their countries, with our ‘Swap’ function.
4. A COMP wallet for all
All Coinhako users will have a COMP wallet on their account, to securely send (withdraw), receive (deposit) and store COMP.
What is Compound?
Compound is a decentralized finance (DeFi) protocol built on the Ethereum blockchain, which allows users to earn money by saving cryptocurrencies on the Compound app. Crypto assets that are locked on the Compound protocol can be taken out as loans by other users, and the owner of the funds will gain from interest rates over time.
Compound first came into prominence in 2018, as one of the earliest projects to receive seed funding from Coinbase Ventures.
“To get there, we intend to fully decentralize the Compound protocol — removing the largest single point of failure (our team), and creating an indestructible, open protocol that can evolve in entirely new ways.” – Compound Ceo, Robert Leshner
The Compound Governance Token (COMP) – or also commonly known as Compound Coin – began public distribution on 10 June 2020, as the key application to replace the administration of Compound with community governance; Anyone who holds COMP will gain voting rights to steer the direction of Compound into future, and will gain the ability to delegate voting rights to friends that don’t even own COMP.
COMP is trading at ~ $137 USD (~S$190) at this time of posting.
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All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.