San Francisco-headquartered cryptocurrency trading platform, Coinbase Pro has announced that it will be supporting the trading of YFI tokens from a trending DeFi protocol dubbed yearn.finance. The trading platform has been showing interest in the Decentralized Finance (DeFi) space, by listing most of its tokens such as UMA, Compound (COMP), and more.
Coinbase Pro to begin YFI token trading on Tuesday
Following the announcement on Thursday, the crypto trading platform will begin to accept inbound transfers of the DeFi token from September 14. This entails that crypto traders on the exchange can start depositing YFI tokens on their accounts ahead of trading. Coinbase Pro said YFI token trading will only begin the next day on or after 9 AM Pacific if enough liquidity was reached.
Also, with a sufficient supply of YFI token, the exchange will launch a fiat trading pair (YFI-USD) order book in four phases which include transfer-only, post-only, limit-only, and full trading, per the announcement.
“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules,” said the exchange.
Meanwhile, the DeFi token will be available for traders in all the jurisdictions supported by the exchange, except New York State.
Coinbase supports DeFi tokens
YFI is the native token of popular decentralized finance protocol, yearn.finance. YFI acts as the governance token of the project, which can usually be earned when traders contribute liquidity to yearn.finance’s pool. Coinbase support for the token comes as an addition to the list of DeFi tokens already featured on the platform for trading.
As Cryptopolitan reported on September 3, Coinbase Pro disclosed that it will support the trading of UMA Protocol tokens on September 8. At the time, the exchange released an order book in four phases for the token’s fiat and crypto trading pairs which include UMA/BTC, UMA-EUR, UMA-USD, and UMA-GBP.
Coinbase Pro supports other DeFi tokens like Compound (COMP), Maker (MKR), etc.