Coinbase Custody Adds Support for Maker Governance

  • Coinbase Custody has added support for Maker Governance.
  • Clients holding MKR in their account can partake in contract voting.

U.S.-based crypto exchange Coinbase has announced the addition of Maker Governance to its custodial service. 

According to a press release published Oct. 11, Coinbase Custody is now offering support for Maker clients looking to partake in governance protocols. Compared to the standard exchange, which utilizes a hot wallet for traders, Coinbase Custody gives users offline cold storage in addition to an added layer of security and regulatory coverage.

As of Oct. 11, clients holding MKR in their Coinbase Custody accounts can now participate in Maker Governance, which allows for the creation of voting smart contracts in network decision making. 

The press release states that prior to Governance integration, users were required to remove their funds from custody to cast contract votes. Coinbase writes, 

This has kept many would-be voters on the sidelines as these potential participants need to avoid the risk of moving assets or first-party voting solutions. Starting today, we now support our clients with the industry’s first, fully integrated governance solution that works directly out of offline storage.

The custodial services calls merging network participation with offline storage as an example of a “fun and innovative” problem that the exchange is happy to solve on behalf of clients. 

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OKEx to Foster Crypto Talent Via Mentorship Program

Popular cryptocurrency exchange OKEx is launching a mentorship program called Beacon Program in Europe to support those interest in the cryptocurrency space during the lockdown and foster new talent in the space.

According to a press release shared with CryptoGlobe, OKEx has noticed the cryptocurrency industry has been gaining significant traction, with the total number of confirmed Bitcoin transactions per day steadily rising since the March market crash, and the total trading volume on major exchanges surpassing $680 million in March.

The pandemic, according to the exchange, “undoubtedly accelerated the adoption of crypto” and encouraged people to see Bitcoin as a safe haven like gold or real estate. Given the increased interest, OKEx is expanding its presence beyond the 180 countries and regions it is currently serving, and expects to double its staff over the next two years.

The exchange’s CEO Jay Hao was quoted as saying:

This is an exciting time for OKEx, we plan to open new offices in more regions to better serve our users, and we’ve already started recruiting passionate blockchain professionals to grow and prosper together. We expect a 100% increase in the total number of staff in 2 years serving customers from around the world,

Hao added that OKEx is launching its Beacon Program to nurture talent in the cryptocurrency space. The program will recruit 6 mentees for a one-month mentorship program with Jay Hao himself and OKEx’s Director of Financial Markets Lennix Lai.

The program will see mentees join their mentors once a week for a 30-minute mentoring session on Telegram, and will allow them to participate in masterclasses given by industry professionals on topic surrounding the blockchain and cryptocurrency space.  The OKEx team will guide them by sharing industry research, news digests, and more with them so the most talented mentees join the firm.

As CryptoGlobe reported, OKEx burned 70% of its OKB token’s supply earlier this year, helping the cryptocurrency’s price surge little over 90% in a 30-day period. At the time it launched a testnet for its decentralized exchange, which further helped demand grow.

Featured image via Pixabay.