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  • Tyler Winklevoss, a cofounder of Gemini said: “The DeFi revolution is upon us,” as the cryptocurrency exchange lists its first DeFi token. It listed Compound token and used the great opportunity of DeFi growth.

    There has not been any regulatory clarity around the application of securities law on cryptocurrencies so far.

    Authorities have just laid down broad guidelines regarding the distribution and control of these protocols. As such, entrepreneurs are advised to consult the U.S. Securities and Exchange Commission (SEC) before issuing a token.

    While regulators establish their formal position, many traders have been using a listing on Coinbase as a proxy for regulatory approval. Coinbase’s addition of COMP token on Jun. 22 marked the start of the current DeFi bull run.

    Gemini has built a more conservative image than Coinbase by further limiting its listings. Yesterday, Gemini listed three cryptocurrencies, which already included Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Zcash, DAI, Basic Attention Token, and Orchid.

    Gemini is one of the few cryptocurrency exchanges that obtains a Trust Charter from the New York Department of Financial Services (NYDFS), under the controversial Bitlicense. Bitpay, Fidelity Digital Assets, and Coinbase are among others that also qualified for the certification.

    Traders looking to purchase and sell DeFi token COMP on Gemini opens up the possibility of lending and borrowing on Compound in NY, as traders are provided with the option to trade the earned COMP for using the platform. Even Coinbase users in New York are exempt from trading COMP.

    With over $1.62 billion in outstanding debt on DeFi lending platforms, Compound accounts for 44.46% of the total debt. MakerDAO and Aave are second and third.

    Being listed in a popular exchange platform cen lead to significant benefits. One of the hottest cryptocurrencies in recent weeks has been Yearn.finance (YFI) that was announced to be listed by Coinbase Pro. The project fundamentals are food for thought, but its price is also a relatively new approach in the cryptocurrency markets, with YFI valued at over $30,000 per YFI, or three times the price of one BTC, albeit with a much smaller market cap. Nevertheless, it has caught the attention of traders and its price also surged in the past days.

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