Coinbase, an American cryptocurrency company, will list the Kyber Network KNC token on its own Coinbase Pro trading platform next week.
On Monday, February 24, our KNC/USD, and KNC/BTC order books will enter transfer-only mode, accepting inbound transfers of KNC in supported regions. Orders cannot be placed or filled. Order books will be in transfer-only mode for a minimum of 12 hours. https://t.co/J026rDnr4k
— Coinbase Pro (@CoinbasePro) February 19, 2020
According to a Coinbase announcement, the KNC owners will get the opportunity to transfer tokens to the crypto exchange on February 24, while trading will start the next day. The support of coin will be available in all jurisdictions that Coinbase Pro serves, except for New York and the UK.
Coinbase Pro will gradually add token trading pairs to the US dollar and Bitcoin.
Kyber Network is a decentralized platform that acts as an exchange and payment system. With its help, each member of the Kyber Network allows you to make transactions with cryptocurrencies without third-party participants.
The KNC team began work on their project in 2017, and after the ICO, during which they managed to raise $ 50 million, development began to proceed more actively.
KNC is a token based on Ethereum blockchain that supports a decentralized protocol for “simple and efficient exchange of cryptocurrencies.” Kyber Network allows users to integrate token swaps with tokens into decentralized applications, providing a direct exchange between all participants around the ecosystem.
Cryptocurrency Kyber Network is not the only project that offers a similar idea for implementation. But it has features that create an advantage over competitors. The main difference between KNC is the high liquidity of the instruments presented on the platform – this means that for every “seller” there will always be a “buyer” who will buy his goods. Most likely, this feature interested Coinbase Pro management, considering the project as promising.
Note that KNC is not yet available on Coinbase.com or in the exchange’s mobile applications.
Rapid Growth Of KNC Rate
Against the backdrop of the Coinbase announcement, the price of KNC increased by 17% per day (according to CoinMarkertCap data).
At the same time, the service CoinAlerts.io recorded an increase in the KNC rate of more than 20%.
— CoinAlerts.io (@GetCoinAlerts) February 20, 2020
Thus, at its peak, the KNC price almost reached $ 0.57. Note that the maximum market value of the asset was set in January 2018 at $ 5.80.
Most likely the token will continue to trade within $ 0.50 – $ 0.61 area in the near future. Therefore, only after one of the above levels is broken, we can observe about further price movement.