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Yearn.Finance (YFI) Reaches $40K Upon Coinbase Pro Listing

Yearn.Finance (YFI) Reaches $40K Upon Coinbase Pro Listing

The decentralized finance (DeFi) crypto asset tied to the yearn.finance project has smashed records. YFI token surpasses the $40,000-mark following a listing announcement on Coinbase Pro.

San Francisco-based crypto exchange Coinbase announced that it will begin accepting deposits for the YFI token from tomorrow, September 14. The trading will begin at 9:00 am (Pacific Time) on the following day, September 15, once liquidity conditions are met.

The exchange noted that support for YFI tokens will be available in all of its supported jurisdictions except for the state of New York, due to regulatory restrictions. However, it also claims that all tokens must meet its strict requirements before trading commences.

YFI, the governance token for yearn.finance, has been on fire over the past 30 days with a surge of 722% from $4.5k, reaching an all-time high of $37k on August 28. In response to the listing announcement, YFI price increased and is sitting at $41k with a 24-hour trading volume of $645.18 million, at press time.

YFIUSDT 30-day Price Chart (Source: TradingView)
YFIUSDT 30-day Price Chart (Source: TradingView)

Coinbase Pro, a world-class trading platform offers an intuitive interface with real-time order books, charting tools, and trade history. As of now, the trading support for YFI will only be available to Coinbase Pro users. Later the exchange might consider adding support for Coinbase.com and mobile platforms to trade YFI.

Coinbase continues to explore support for new digital assets such as UMA (UMA), Numeraire (NMR), Band (BAND), Compound (COMP), and many more. Unlike YFI, UMA prices did not get a pump after the listing announcement.

YFI has been the only altcoin that showed better gains over the past few weeks than Bitcoin. According to the Statista report, YFI is considered as the most expensive crypto globally as of September 2020.

Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.