Coinbase Custody Unveils Support For Mainnet KIN Tokens
Coinbase, the largest US platform for cryptocurrency trading and other ancillary services, said yesterday its Custody unit will back KIN’s mainnet version. KIN, the customer app cryptocurrency, was developed by Kik Interactive, the tech company behind Kik Messenger. Originally created on Ethereum and Stellar networks, the token now runs on native blockchain (Stellar’s fork).
“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 Custody, a division of San Francisco-based Coinbase platform, offers custodial service. Coinbase Custody was initially announced on November 16, 2017 and debuted on July 2, 2018. The primary objective of Coinbase Custody is to provide strong crypto-asset security, which according to Coinbase was the “number one” problem of institutional investors.
Coinbase Custody kept expanding its capabilities and offerings in 2019. Coinbase Custody has become straightaway connected with the Coinbase over-the-counter (OTC) trading platform in order to accelerate access to offline cash by client. Coinbase Custody has also started to move into staking which proof-of-stake (PoS) cryptocurrency ecosystems employ to encourage user activity.
Because more consumer apps proceed to integrate, Kin Foundation, the cryptocurrency Kin policymaking body, plans to relocate from Ethereum to its native decentralized blockchain centered on the Stellar protocol.
The nonprofit foundation says the swap removes the confusion created by two types of Kin tokens and simplifies the process of integration with both exchanges and consumer applications. The nonprofit organization states the swap eliminates the uncertainty generated by two types of Kin tokens and streamlines the method of integration with both exchanges and business applications.
Albeit being one of the coins to get selected for custody services, KIN has not yet gained a listing on Coinbase’s trading platform. Coinbase disclosed earlier that it is examining the inclusion of Kin (KIN) amongst other tokens, but said it would not ensure that every one of them is added for trading as “adding new assets requires significant technical and compliance exploratory work.”
Coinbase was dogged by late 2017 insider trading allegations after listed Bitcoin Cash, the Bitcoin fork. Per se, the exchange makes internal and public listing announcements to stay open with its clients about assistance for forthcoming assets. Coinbase, which asserts to have more than 25 million worldwide clients, is also listed as America’s largest cryptocurrency trading platform and other ancillary services.
The service has also ramped to satisfy over 60 clients and $600 million in assets under custody. Coinbase custody service, which protects cryptocurrencies and digital tokens in a way similar to conventional securities, has also collaborated with many broker dealers to provide its customers with access to its product, usually taking customers at a minimum of $10 million and charging a $100,000 set-up fee and ten basis points in monthly fees.