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.
Earlier today, we announced that @coinbaseCustody customers will now be able to participate in @MakerDao Governance, directly from our industry-leading offline storage. Here's how we did it. https://t.co/mkoYifB0yh pic.twitter.com/JZ8wABWMcy
— Coinbase Custody (@CoinbaseCustody) October 11, 2019
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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