Coinbase Pro, one of the most popular and established cryptocurrency exchanges in the world announced they are adding support to Yearn.Finance. This would help users that do not have the technical knowledge to get exposure to one of the most innovative Decentralized Finance (DeFi) protocols in the cryptocurrency market.
Coinbase Pro to Support Yearn.Finance
According to an official press release launched by Coinbase Pro, they are going to be offering support to the YFI token. Users in all the Coinbase supported jurisdictions will have the possibility to access this virtual currency, with the exception of New York State.
The company informed that users have been requesting new assets to be added on the platform. This is why they are working on a regular basis analysing other virtual currencies that will meet their listing standards over time. Some of the virtual currencies that have been added to Coinbase Pro in recent months include UMA, Celo (CGLD), NUmeraire (NMR) and many others.
In terms of support to DeFi tokens, we can mention Coinbase Pro added Compound (COMP) and Maker (MKR), two of the largest DeFi protocols in the world. Starting on Monday, September 14, Coinbase will be accepting inbound transfers of YFI tokens to Coinbase Pro. Trading is expected to begin as soon as liquidity conditions are met.
As it usually happens with the new coins added to the platform, the order book will launch in four phases to be sure that there are no issues with liquidity.
The first phase is going to be transfer-only, the second one will be post-only, the third one will be limit-only and the final one would allow users to use both market and limit orders. Nonetheless, the order book could stay in one state for a longer period of time and even suspend trading.
What is Year.Finance?
Yearn.Finance has been expanding all over the world as a DeFi protocol that is currently allowing users to provide liquidity to a large number of DeFi platforms in the market. This can be achieved using smart contracts and funds that users deposit on the platform and that are then moved between platforms such as dYdX, Aave or even Compound, among others.
At the same time, the token created by Yearn.Finance is now among the largest in the world. YFI has a price of $33,300 and it has a market valuation of almost $1 billion.