Gemini Debuts DeFi Listings in New York Market With Amp, Compound, and Pax Gold

Gemini crypto exchange has announced that New York users will now be able to trade Compound (COMP), Amp (AMPL), and Pax Gold (PAXG) against the USD. The Winklevoss brothers’ led crypto exchange noted that it worked in collaboration with the New York Department of Financial Services (NYDFS) to receive approval for listing these digital assets. According to the official announcement, active trading of the newly added pairs is scheduled for September 15.

This move is quite significant for the New York market, which had been left out of the DeFi space when it comes to listings on centralized crypto exchanges. Coinbase, for instance, has been quite active in listing ‘hot’ DeFi tokens, but yet to cover prospective users in New York. With COMP’s listing on Gemini, crypto investors and enthusiasts in the big apple will now be able to acquire positions in DeFi through the exchange.

COMP made waves in May when the decentralized protocol debuted this governance token to be used in running the platform. The protocol has since risen to become one of the leading DeFi lending and borrowing platforms; currently, its market cap stands 544 million while the price of one COMP token is $163 as per Coingecko metrics. Tyler Winklevoss, Gemini’s Co-founder, tweeted bullish sentiments as well,

“The #DeFi revolution is upon us. @Gemini is now accepting deposits for $AMP @amptoken, $PAXG @PaxosStandard, and $COMP @compoundfinance. Trading to begin on 9/15!”

Amp and PAXG, on the other hand, propose value in digital collateralization and gold tokenization, respectively. The former will expose Gemini’s clients to Flexa’s Network collateral token ‘AMP’ whose underlying is to act as a form of collateral, supporting the fundamentals of Flexa’s payments network. This innovation allows users to pay merchants’ in crypto while Flexa handles ‘under the hood’ to convert these payments to the merchants’ preferred fiat currency.

Gemini’s venture into the DeFi space has scaled its range of tradeable digital assets to 12; notable mentions that were already featured include BTC, LTC, ETH, and BCH. The exchange highlighted that its updated trading portfolio would be available via API connections and the platform’s Active Trader.

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Author: Edwin Munyui

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