Coinbase Custody announced immediate support for the mainnet iteration of the KIN token today, April 30, 2019.
As Cointelegraph previously reported, 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.
Author: Cointelegraph By Max Boddy