Coinbase Adds New Cryptocurrency KIN For Its Custody Services

Coinbase Custody, a digital assets custody solution for institutional investors, has announced in a blog post that it now offers safe storage of the Kin mainnet.

The blog post reads,

KIN holders can now benefit from Coinbase Custody’s industry-leading offline storage platform and insurance coverage. As a limited-purpose trust company chartered and regulated by the New York Department of Financial Services (“NYDFS”), Coinbase Custody has met the high standards of the NYDFS and is a Qualified Custodian.

KIN is a cryptocurrency created by the same company behind messaging app Kik, and lets users earn KIN tokens for viewing ads, among other things, and subsequently redeem it on various rewards. Several apps already support the KIN token, including Tapatalk, Swelly, and Panion.

Launched in 2018, Coinbase Custody offers secure cold storage solutions to institutional investors and has been integrated with Coinbase’s Over-the-Counter (OTC) trading desk. Coinbase Custody also offers staking services that make it easy for investors to earn income passively, even with the offline storage. Institutions that use it include Polychain Capital, Coventure, and Blockstack.

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