Coinbase Pro, the leading digital asset exchange’s trading platform for professional or highly-experienced traders, is planning to add support for Kyber Network’s KNC token by next week.
San Francisco-based Coinbase’s management confirmed on February 20 that clients would have the option to deposit Kyber’s KNC tokens on the exchange platform, beginning February 24, 2020. Trading for the token will begin the following day if there’s enough liquidity on Coinbase Pro to support it.
Support for the KNC token will be offered in all jurisdictions that Coinbase Pro currently serves, with the exception of the United Kingdom and New York.
After there’s an adequate supply of KNC tokens on Coinbase Pro, the exchange will start introducing trading options for US dollars and Bitcoin (BTC). At present, KNC is not available on Coinbase.com or through the trading platform’s mobile-based apps.
KNC is an Ethereum-based token that is used to power the Kyber Network, which is a decentralized protocol that allows digital assets to be swapped in a simple and efficient manner. Kyber Network’s native KNC token pays for fees on the platform. The KNC token is presently trading at about $0.55.
Coinbase recently became the “first pure-play crypto company to be approved as a Visa principal member.”
By becoming a principal member, Coinbase may act as an issuing bank and offer transaction processing services or, perhaps issue cards.
Coinbase first issued a Visa debit card last year. The card is now available in 29 different markets and holders may spend using 10 different cryptocurrencies.