The custody subsidiary of Coinbase is inculcating blockchain protocol support for PolkaDots DOT tokens.
Web3 Foundation, Polkadot’s managing partner and the custodial service of Coinbase, is signing a deal to enable investors with DOT tokens to redeem them with their accounts of Coinbase Custody, according to an announcement by Web3 Foundation.
Coinbase Custody is one of the largest and reliable crypto-asset custodians in the world. Polkadot is a shared chain that is scalable and offers a safe environment for multi-applications and protocols’ cross-chain composability.
Polkadot’s initial sale was conducted in the year 2017, that reportedly issued 5 million of DOTs as SAFTs or Simple Agreement for Futures Tokens. These SAFTs give investors access rights for tokens after the protocol is live. Web3 Foundation in 2019 closed another sale for private tokens, allocating around 500,000 DOTs.
Coinbase Custody will let individuals, as well as organizations, have access to DOTs – the native token of Polka Dots that facilitates protocol’s feature access in order to get their assets directly into their user accounts. Users get access privileges to advanced security & simple interface staking as well as token management of Coinbase custody.
A website launch will follow this announcement for Web3 Foundation, which will go as claims.polkadot.network. The website will have a comprehensive guide for users to redeem their dots.
The holders of dot allocation indicator tokens sold through the pre-launch of PolkaDots can associate their allocations, denoted over Ethereum with native addresses of Polkadot.
The process for claim makes sure these dot allocations are inscribed inside the genesis block of Polkadot. The clients of Coinbase Custody Polkadot can use the existing addresses to claim the dots through this process.
Sam McIngvale, CEO of Coinbase Custody, offered,
“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.”
Via the stake feature of Coinbase Custody, the holders of the dot can earn money by placing their stake behind the validators functioning to protect Polkadot.
Coinbase custody Dot holders will be able to partake in the advanced on-chain system of governance for Polkadot to conduct up-gradation of protocols and fixes.
Kasper Mai Joergensen, CFO of Web3 Foundation said,
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.
The process for claiming has been launched already with the go-live of the designated website, which will offer information regarding the alternative token claim methods for the DOT holders.