Adds Polkadot as Institutional Interest Grows

NASDAQ-listed cryptocurrency exchange Coinbase announced on Monday the addition of DOT support in Coinbase Pro as interest in the coin continues to increase.

Starting on June 14, Coinbase Pro users were able to transfer DOT to their accounts in all of Coinbase’s supported jurisdictions with the exception of Singapore, with DOT trading being scheduled to begin on Wednesday the 16th.

Users of the professional trading platform will then be able to trade DOT with any of the DOT-USD, DOT-BTC, DOT-EUR, DOT-GBP, and DOT-USDT trading pairs, as long as the order books are deemed to be sufficiently healthy by the exchange on Wednesday.

Coinbase Offers Polkadot to Pros

DOT won’t be supported by Coinbase’s retail platform yet, the exchange announced it will be making a separate announcement once it decides if it will be listed.

However, based on previous listings, it is expected that Coinbase’s other platforms will be adding support for the cryptocurrency sometime in the next weeks.

Earlier this month, Coinbase Pro listed Dogecoin following months of increasing popularity that saw the coin’s market capitalization rise. However, DOGE has not been listed in the standard version of the exchange so far.

Parallel Finance Raises $2M From Major Investors

Parallel Finance, a Decentralized Finance Protocol built on Polkadot, recently raised $2 million to boost the DeFi ecosystem in Kusama, Polkadot’s Canary network.

The project was backed by companies like Pantera Capital, Polychain Capital, Lightspeed Venture Partners, Breyer Capital, 8 Decimal Capital, and Hypersphere Ventures, some of the most recognized investors in the cryptocurrency space.

In an interview with Coindesk, Parallel Finance’s CEO explained the project’s mission by stating:

“One of the biggest problems we are trying to solve is the lack of lending protocols in the Polkadot/Kusama ecosystem. We’ve seen a significant demand for DOT/KSM holders to borrow and lend their tokens.”

With the support of developers…

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