Coinbase Custody announced immediate support for the mainnet iteration of the KIN token today, April 30, 2019.
As Alphaprime Financeblog previously reported on coinbase custody, KIN is a cryptocurrency created by Canadian organization Kik Interactive of Kik Messenger fame. The token was originally developed on the Ethereum and Stellar networks and now operates on its own blockchain (a fork of Stellar).
“KIN holders can now benefit from Coinbase Custody’s industry-leading offline storage platform and insurance coverage,” they say.
Coinbase Custody is a custodial service provided by San-Francisco-based platform Coinbase. Coinbase Custody was first announced on Nov. 16, 2017 and launched on July 2, 2018. As we previously covered, its main goal has been to provide robust security of crypto assets, which according to Coinbase has been institutional investors’ “‘number one’ concern.”
In 2019, Coinbase Custody has continued to expand its capabilities. Coinbase Custody has become directly integrated with the Coinbase over-the-counter (OTC) trading desk, with the intention of speeding up the process of a user accessing offline funds. Coinbase Custody has also begun to move into staking, which Proof-of-Stake (PoS) cryptocurrency networks use to incentivize user activity.
Kin, the cryptocurrency for consumer apps, is now under supported assets at Coinbase Custody. The US largest platform for cryptocurrency trading and other related services said it will be supporting the mainnet pending swapping of KIN ERC20 tokens.
“KIN holders can now benefit from Coinbase Custody’s industry-leading offline storage platform and insurance coverage. Coinbase Custody will add the new native implementation of KIN to the platform with KIN’s pending migration from ERC20 to mainnet,” Coinbase explained in its statement.
As more consumer apps continue integrating, the Kin Foundation, the governance body for the cryptocurrency Kin, plans to fully migrate from Ethereum network to its own decentralized blockchain based on the Stellar protocol. The nonprofit foundation says the swap removes the confusion created by having two types of Kin tokens, and simplifies the integration process with both exchanges and consumer applications.
Despite being one of the coins to make the cut for custody services, KIN has still not acquired a listing on the trading platform of Coinbase.
Coinbase revealed earlier that it is evaluating the addition of Kin (KIN) among other tokens, but said it does not guarantee that all of them will be listed for trading, as “adding new assets requires significant exploratory work from both a technical and compliance standpoint.
Coinbase was dogged by allegations of insider trading in late 2017 after it listed Bitcoin Cash, the Bitcoin fork. As such, the exchange is making listing announcements internally and to the public at the same time to remain transparent with its customers about support for future assets.
Coinbase Custody is part of Coinbase which claims over 25 million global customers and also ranked as the largest platform for cryptocurrency trading and other related services in the US. The service has also scaled to serve more than 60 clients and $600 million in assets under custody.
Coinbase custody service, which safeguards cryptocurrencies and digital tokens in a manner similar to traditional securities, has also partnered with several broker-dealers to provide its clients with access to its product, which is typically taking on clients with a minimum of $10 million and charges a $100,000 setup fee and ten basis points in monthly fees.
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