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OKCoin exchange lists DOT and DeFi tokens YFI, COMP

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TL;DR

  • OKCoin exchange lists DOT, COMP, and YFI
  • The cryptos will be traded against the US dollar
  • The exchange plans to launch more DeFi tokens next week

One of the leading Chinese digital currency exchanges, OKCoin is joining the list of other major exchanges to support DeFi tokens. Today, OKCoin announced in a Medium post that it has listed Compound (COMP), Polkadot (DOT), and the Yearn.finance token (YFI). The exchange further revealed that it will support more DeFi tokens by next week.

OKCoin exchange joins the DeFi trend

COMP and YFI are DeFi tokens issued by popular decentralized finance protocols, Compound and Yearn.finance, while DOT is the native cryptocurrency of Polkadot, one of the biggest Ethereum blockchain rivals. The listing of the two DeFi tokens on the exchange comes as part of the exchange’s plan to support the growth of the DeFi market. 

The CEO of OKCoin exchange, Hong Fang, said:

“As long-term crypto proponents, we fundamentally believe that DeFi shows the potential of decentralizing the full tech stack of the financial system. […] It’s a fascinating continuation of the theme to build ‘individual monetary sovereignty’ from the ground up, which is what DeFi is doing now.”

At the moment, the newly listed cryptocurrencies will be traded against the US dollar on the OKCoin exchange. It will reportedly be available for the exchange’s users in 150 countries supported countries, except for Japan, Brunei, Singapore, and some European countries.

More DeFi token listing

Per the announcement, the three tokens were selected for listing on OKCoin exchange amongst 15 other DeFi tokens under its review. One thing in common with the cryptocurrencies is that they are all governance tokens, which means that they represent voting rights on their respective platforms. Secondly, the cryptocurrencies recently skyrocketed in price. 

During the launch, the COMP token traded at $97, however, its price is now worth more than $152 on CoinGecko. YFI token is valued at around $36,000 which is higher than the early-stage price. Polkadot’s crypto, DOT recently climbed to the seventh-largest cryptocurrency by market cap. At the moment, it trades around $5.17 as the fifth-largest crypto. 

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Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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