Coinbase Custody Now Supports Maker (MKR) and MakerDAO’s Governance
Coinbase Custody keeps adding new options for its clients. Around six months after letting the clients use a crypto staking service for the assets that were being held by the company, Coinbase Custody has recently announced staking support for MKR tokens as well.
MRK the native token of the MakerDAO network, famous for its DAI stablecoin. Now, the clients of the company will be able to participate in the governance of the system directly by using the custodial solution.
Before now, if they stored their assets in custody, they would obviously not be able to vote on the decisions of the network, which basically defeats the whole idea of custody, so knowing that this could turn into a problem, Coinbase Custody decided to add this new options so that no funds would need to be withdrawn to participate in the voting system of the network.
This, the custody company affirmed, would help in the protection of the clients, as they could participate without suffering any risk of theft.
Before now, the only asset that could be staked on Coinbase Custody was XTZ (Tezos). The staking, however, was not a really big source of income for the clients. In the two first months of the operation, around $8,000 USD was gained from staking, which was about only 0.5% of the total staking in the ecosystem.
The next governance decision in the network is set for November 15. Then, it will be decided whether the network will adopt a new multi-collateral DAI system or not. The decision is expected to pass.