Coinbase Custody Adds Polkadot’s Token Support

The users of the custodian can also claim their tokens directly from their accounts.

Coinbase Custody, on Monday, announced its partnership with Web3 Foundation to offer custody solutions for tokens on the upcoming Polkadot network.

Polkadot is one of the most hyped blockchain projects, developing a scalable sharded chain and a protocol to secure the environment for cross-chain composability of multiple applications and protocols.

The project raised over $100 million in 2017 when the crypto market was running towards its peak. With the first offering, the company publicly sold 5 million tokens in the form of a Simple Agreement for Futures Tokens (SAFT). Another 500,000 tokens were sold last year in a private token sale.

However, the company is yet to launch its blockchain and distribute its tokens.

Coinbase Custody will also allow the investors in DOT token to claim their tokens on the custodian accounts directly.

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Commenting on the development, Sam McIngvale, CEO of Coinbase Custody, said: “Polkadot is one of the most exciting projects in the entire crypto ecosystem right now. It’s solving two of the biggest challenges that blockchain-based platforms face today: interoperability and scalability. We’re excited to be working with Polkadot and Web3 Foundation to offer dot holders the most secure and efficient tools for managing tokens and staking.”

Last year, the US exchange revealed that it is also planning to add DOT tokens on its trading platform, among several others.

Token distribution

All the token claims made before the launch of the blockchain by the investors, including via Coinbase Custody, will be added to the genesis block of the blockchain, the announcement detailed.

Coinbase’s platform will also allow DOT holders to earn interest by stalking their coins. Moreover, they can also participate in an on-chain governance system to coordinate protocol upgrades and fixes.

“With Polkadot genesis fast approaching, we are focused on supporting high quality integrations to ensure that Polkadot is easy to use and dot holders are secure. I can’t think of a more trusted name in crypto than Coinbase to be supporting Polkadot from block zero,” Kasper Mai Joergensen, CFO of Web3 Foundation, said.

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