The governance token of Compound protocol COMP, an ERC-20 asset is listed on CoinSwitch Kuber today, paired against INR.
The Compound Protocol is infrastructure for interest rate markets for crypto assets on the Ethereum blockchain. It supports 9 markets – ETH, WBTC, DAI, USDC, USDT, for example. If you own any of these assets, you can earn interest from Compound, and receive governance tokens in the form of COMP. You can also borrow assets from Compound, and also receive the governance token COMP. You can earn interest or borrow crypto for any length of time; and you can withdraw your assets and close your positions any time you like.
COMP token-holders and their delegates also debate, propose, and vote on changes to the protocol. Calvin Liu, strategy Lead at Compound Labs recently said in an AMA session with Coin Crunch,
“COMP is the first example of a major DeFi protocol where users can truly choose the future direction of how the protocol should change and upgrade.”Calvin Liu, Compound Labs
Recently launched Coinswitch Kuber, allows users to buy or sell cryptocurrencies on their mobile app. Users simply deposit INR into their Kuber account and use it to buy one of the 40+ crypto assets offered on the exchange. The exchange provides high liquidity as opposed to open-orderbook exchanges, giving any user a consistent market price for any asset trading.
Compound (COMP) has seen tremendous growth and interest in the crypto community and specifically the Decentralized Finance (DeFi) space. By adding COMP paired with INR, CoinSwitch will attract many users interested in directly trading the token with Indian Rupee instead of any other crypto asset like BTC, ETH or even USDT.
Deposits and Withdrawals for COMP token are live right now on Kuber. You can sign up here.
You can also check out our first impression of CoinSwitch Kuber here: