Compound (COMP) FAQ

As of June 22, 2020, Coinbase added COMP to our supported assets for Coinbase and Coinbase Pro. Customers in qualifying countries will now be able to send, receive, buy, and sell COMP. For info about which products and regions will support the new asset, please see our Supported cryptocurrencies page.

What is COMP?

COMP is an ERC-20 token used for governing the Compound protocol. The Compound protocol is a decentralized finance platform dedicated to borrowing or lending supported assets. It utilizes smart contracts to lock up collateral and generate interest based on market demand. The COMP token allows holders to vote (or delegate their voting power) on proposals for updates or changes to the Compound protocol. 

*Voting and delegation will not be available for COMP held in a Coinbase account.

Can I send COMP to Coinbase? 

Yes, but you must send COMP to and from Coinbase within the COMP wallets. Even though COMP is on the Ethereum network, please don’t send any COMP tokens to your ETH wallet. For Coinbase Pro, select the Deposit button to view your COMP deposit address. COMP requires 35 confirmations, and each confirmation can take approximately 15 seconds per block to complete.

If you send to an external (non-Coinbase) address or wallet that does not support COMP, Coinbase is not responsible for that transaction. Additionally, do not send non-COMP tokens to your COMP address.

Are there deposit or withdrawal limits?

The minimum withdrawal is 0.01 COMP units and the maximum withdrawal limit is 250,000 COMP units.

Is COMP supported in my country?

Please visit the Supported cryptocurrencies page.

Is Staking supported for COMP?

Staking is not supported at this time. 

 

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