Kraken to Begin Supporting Mina Protocol’s MINA Token Trading on June 1, 2021

Digital asset firm Kraken says it’s pleased to confirm that deposits and withdrawals for Mina (MINA) are “now open” as of Friday (May 28, 2021).

Kraken noted in a blog post that trading is scheduled to launch on June 1, 2021 at “approximately 00:00 UTC.” Traders may deposit MINA tokens now on the Kraken crypto trading platform.

Kraken reminded users that if they participated in the Coinlist sale, then they can deposit MINA to Kraken after they’ve enabled withdrawals which should be “sometime after June 1 at 00:00 UTC.”

Kraken’s management also noted that MINA token trading isn’t being offered to individuals or entities based in the US, Canada, Japan and Australia (for now at least).

The Mina Protocol has been developed by O(1) Labs (in 2017). Mina Protocol supports the first ever “compressed” blockchain or distributed ledger tech (DLT) platform which means that the “entire blockchain is roughly 22kb in size, equivalent to the size of a few tweets.” Mina thus offers “a low barrier to entry to those who wish to operate a node and validate transactions.”

As explained by the Kraken team, Mina’s blockchain has been developed to “maintain its size, regardless of the amount of people accessing it or its years of transaction history, using a technology called zero knowledge proofs (zk-SNARKs).”

zk-SNARKs are micro-crypto certificates that are stored by computing nodes and then used to verify the authenticity of transactions in a private and efficient manner, “allowing nodes to not have to store the entire chain.”

As noted in the announcement, Mina is a proof-of-stake (PoS) protocol for programmable payments, apps, permissionless privacy and has been “secured cryptographically.”

Its MINA cryptocurrency can be “used by holders to help govern the ecosystem and for payments within the applications,” the update from Kraken explained.

As noted in the announcement, Mina has been one of the “most anticipated projects of the industry to date.” It secured $18.75 million in capital during its token sale on Coinlist in just a few hours.

As confirmed by the Kraken team, here are the dates/time that funding and trading is scheduled to begin:

  • Funding: Deposits and withdrawals are “now enabled”
  • Trading: Starts Tuesday, June 1 at “approximately 00:00 UTC (Kraken will enable order entry and execution at this time)”
  • Updates will be “posted on the status page near launch time”
  • Trading Pairs
    • MINA/USD
    • MINA/EUR
    • MINA/GBP
    • MINA/BTC

For instructions on how to deposit MINA tokens and other details, check here.

(Note: The Mina blockchain charges “a one-off fee of 1 MINA to create a new address.” When you deposit MINA to Kraken they “generate a new MINA address for you and the MINA blockchain automatically takes 1 MINA from your deposit amount as the creation fee.”)

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