Crypto Exchange Coinbase’s Custodial Service Now Supports Mainnet KIN Tokens
Cryptocurrency exchange Coinbase has added support for Kin, Kik’s native token, to its digital assets custodian service for institutional investors.
Kin cryptocurrency is designed to enable users to earn Kin through platform engagement and then spend it on related services. Kin was originally developed on the Ethereum and Stellar networks and now operates on its own blockchain, which it forked off the Stellar mainnet earlier this year.
In blog post, Coinbase announced that its custodial service, Coinbase Custody, is now offering secure storage for the mainnet iteration of the KIN token. The service, which was approved by he New York State Department of Financial Services (NYDFS), mainly serves large institutions, hedge funds and similar firms, providing them with a way to actively, safely and easily invest in major cryptocurrency networks.
“KIN holders can now benefit from Coinbase Custody’s industry-leading offline storage platform and insurance coverage,” Coinbase said.
With this development, Kin will join the ranks of the 21 industry-leading crypto assets currently listed on Coinbase Custody, including bitcoin, Civic, ethereum, Litecoin, Maker, OmiseGO, Ripple, Stellar and others.
“As a leading institutional crypto custodian, we’re excited to continue to provide solutions to custody directly from new networks at launch, solving a significant pain point for the industry,” COinbase said. “As more networks launch tokens, institutional investors face a critical challenge in finding ways to securely hold each new unique asset. Coinbase Custody solves this problem by offering secure and trusted custody solutions for new network launches.”