We are excited to announce you can now buy Compound (Comp) on Elbaite, Australia’s safest cryptocurrency exchange!
Even though the Compound project released their governance token, Comp, very recently on June 16th, it did not take long to become a leader in the decentralised finance (DeFi) rankings. Conversations that involve DeFi coins such as Bitcoin, Ethereum, Chainlink and the “stablecoin” Dai now also talk about the Comp token.
What is Compound?
Compound is an algorithmic, autonomous interest rate protocol built for developers, to unlock a universe of open financial applications.
Compound (COMP) is an ERC-20 asset that empowers community governance of the Compound protocol; COMP token-holders and their delegates debate, propose, and vote on all changes to the protocol.
By placing COMP directly into the hands of users and applications, an increasingly large ecosystem will be able to upgrade the protocol, and will be incentivized to collectively steward the protocol into the future with good governance.
How to Buy Compound?
You can buy Compound on Elbaite in 3 simple steps!
1. Get an Ethereum wallet
Since Compound is an ERC20 token you need an Ethereum wallet to purchase it.
This is where you will store your purchased cryptocurrency. You can get a free online wallet or a hardware wallet. You can learn more about different wallet types in our previous educational blog “different types of crypto wallets“.
Elbaite, unlike many other exchanges does not hold your cryptocurrency! Elbaite believes, your cryptocurrency is only yours if it is in your wallet.
We have even given away Trezor hardware wallets to our users! Because want to encourage the safest practices by our users.
2. Find an offer from a trusted seller
Find an offer on a peer to peer exchange at a price and amount you would like to buy.
Elbaite is a peer to peer exchange that connects trusted sellers to trusted buyers through our unique TraderTrust system.
3. Pay for your purchase
Pay the agreed amount using your bank account.
On Elbaite you can pay using OSKO / PayID or mobile banking to the Elbaite escrow bank account where it is kept safe until you receive your Compound in your wallet. The seller will never know your banking details, keeping your data private.
What do you think? Share your opinions with us below in the comments.
For further information regarding Comp token go to their official website.
Elbaite is the cryptocurrency exchange designed for Australian traders seeking safety, security and simplicity. Make an account today to start your Comp investment journey!
Disclaimer: The information on this website is purely for information. Elbaite is not a financial adviser, and nothing stated here is to be taken as financial advice. You should seek independent legal, financial, taxation or other advice relevant to your financial situation before making any investment decisions.