Coinbase Custody has announced that it will now be offering secure storage for mainnet Kin, ahead of the pending migration from ERC-20 to mainnet.
Coinbase Custody is a custodial service provided by Coinbase, a San-Francisco-based platform. It was first announced back in November 2017 and launched on July 2nd 2018. Its main priority is to provide a robust security for crypto assets.
As a limited-purpose trust company chartered and regulated by the New York department of financial services (NYDFS), Coinbase Custody is a qualified custodian which meets the high standards of the NYDFS.
Kin is a crypotocurrency developed by the Canadian organisation Kik Interactive — who developed the popular messaging app Kik. Kin had been originally developed on Ethereum and Stellar, though it now operates on its own blockchain which is a fork of Stellar.
The announcement was made by Coinbase in a Medium blog post. It reads: “we’re announcing that Coinbase Custody offers the secure storage of mainnet Kin. Coinbase Custody will add the new native implementation of Kin to the platform with Kin’s pending migration from ERC-20 to mainnet”.
Kin holders will now have the ability to tap into Coinbase Custody’s “industry-leading” offline platform and insurance coverage.
The announcement continues: “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”.
“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.”
To store mainnet Kin all users need to do is open a Coinbase Custody account with the support for Kin available now.
Interested in reading more Kin-related stories? Discover more about how the second Kin developer program launched in a bid to “drive mainstream adoption of cryptocurrency.”