Kraken Lists 3 DeFi Tokens: Compound (COMP), Kava (KAVA) and Kyber Network (KNC)
According to the announcement, users will be able to begin depositing Compound Token (COMP), Kava (KAVA), and Kyber Network (KNC) at 9:30 am (EST) on July 15. Trading will begin shortly thereafter, once deposits are confirmed.
The three tokens selected have been some of the most popular DeFi plays in recent weeks, with Compound rocketing to prominence with the launch of its liquidity-based distribution functionality.
Each of the tokens will have USD, EUR, XBT and ETH trading pairs. The addition of ETH trading pairs is notable, as some major exchanges have mysteriously foregone that inclusion for DeFi token listings. No margin or leveraged trading will be available initially.
“One of the biggest trends this year is the growth of the decentralized finance movement, an emerging class of cryptocurrency projects that use blockchains to offer lending and market-making services operating without financial intermediaries,” writes Kraken in the announcement. “These services have seen staggering growth over the last 12 months, growing 400% to hold over $2 billion in value, according to DeFi Pulse.”
In addition to the DeFi tokens, Kraken is also listing Storj (STORJ), a 2017 altcoin darling that is focused on decentralized storage.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.