April 17, 2020 Compound launches governance token as Coinbase lends support.

The decentralized finance protocol, Compound launched its COMP governance token on Thursday alongside a transition to what it hopes is a more decentralized operation. COMP holders will now be responsible for governing the Compound protocol, with the Compound team now ceding this authority. At the same time, Coinbase Custody has announced that it will be supporting the new token alongside other tokens related to the Compound platform, namely cETH, cZRX, cUSDC, cBAT, and cDAI. Bearers of the COMP token will now be able to vote on Compound governance proposals via the Coinbase web application. Robert Leshner, CEO of Compound Labs, stated that the rationale behind the Coinbase support is to help prevent the loss of governance tokens with it the ability for token holders to vote.