Gemini, the crypto exchange, has started accepting deposits in PAX Gold, AMP, and Compound with trading effective 15th September 2020.
Gemini offers US dollars trading pairs for PAX Gold, AMP, and Compound via its active trader platform and API connections. The exchange is also offering trading and custody support for 12 cryptos (BTC, ETH, BCH, LTC, ZEC, BAT, DAI, LINK, OXT, PAXG, AMP, and COMP) and custody for 13 cryptos (ZRX, BRD, MANA, ENJ, GUSD, GNT, KNC, LOOM, MKR, NMR, OMG STORJ, and CSP).
Tyler Winklevos, the co-founder of Gemini Crypto exchange in his tweet, had announced the addition of PAXG, AMP, and COMP, through their ActiveTrader platform, API connections as well as trading pairs with all supported fiats (USD, AUD, CAD, and HKD) via the desktop and mobile platforms, reflecting the exchange’s commitment to DeFi.
In its statement, Gemini said that the addition of three assets, PAX Gold, AMP, and Compound expand the range of their platform and would help to continue with their mission of empowering individuals through crypto. In its statement, the exchange also said that it is working closely with the New York State Department of Financial Services to gain approval to offer services for new assets. The addition of the assets will provide a new way to interact with the crypto ecosystem.
Although Gemini lists DeFi tokens, Tyler Winklevos is still bullish on Bitcoin. He predicted that Bitcoin would reach $ 500,000.
Many major exchanges have started listing popular DeFi tokens; Poloniex, Houbi, Coinbase, OKEx, and Binance have all listed different DeFi projects.
What are PAX Gold (PAXG), AMP, and Compound (COMP)?
PAX Gold is a digital asset, where every token corresponds at a 1:1 ratio to one ounce of physical gold held in reserve. With PAXG, it now becomes easier to purchase gold. Each token supports one troy ounce (t oz.) of a 400 oz. London Good Delivery gold bar, stored in Brink’s vault. PAXG gives you the benefit of actual physical ownership with the mobility and speed of digital ownership. You can also have fractional ownership of the physical bars—both liquid and digital.
AMP is a digital collateral for Flexa Network, a payment system that allows you to spend some cryptocurrencies supported on the Gemini platform with select retailers at their physical locations. When you purchase from a retailer with a Gemini pay app through Flexa, that app pays Flexa from your account in cryptocurrency of your choice, and Flexa, in turn, pays the retailer in the currency of their choice. Flexa uses AMP as collateral from the time of purchase to the time of settlement with the merchant.
Compound (COMP) is an open-source platform that allows you to borrow and pay interest or lend and earn interest against your crypto. You either lend or borrow crypto on the platform, and receive a cToken in exchange, correlating to your lent or borrowed asset. The compound protocol algorithm determines the interest that you pay or earn, and it changes every day with the market.
As said earlier, with the expansion of assets on the Gemini platform, the exchange intents to empower individuals through crypto.