Kyber Network (KNC) Token Goes Live on Coinbase Pro
From today you can transfer Kyber Network (KNC) tokens into your Coinbase Pro account before trading goes live at 9 AM PST tomorrow. Initial trading pairs will be against the US dollar (KNC/USD) and Bitcoin (KNC/BTC). According to Coinbase, the launch of KNC on its platform will occur in 4 stages: Transfer-only (starting today), post-only (limit orders, no matches), limit-only, and full trading.
KNC gained 17% in value last Wednesday following the announcement that the token will be listed on Coinbase Pro. The Ethereum ERC-20 token is used on the Kyber Network to provide liquidity and assist in instant swapping of digital tokens and cryptocurrencies. Since the announcement on February 19th, KNC has increased in value from $0.0016 to $0.0022.
Earlier this month, Coinbase announced it will be introducing a new margin trading feature to provide its users with up to 3x leverage. In a blog post announcing the new feature, Coinbase said it was “one of our most requested features”. Being located in the U.S. has made it difficult for Coinbase to offer leverage due to strict regulations because trading with leverage is extremely risky. Many non-US based crypto exchanges offer up to 100x leverage but customers in the U.S can’t use the feature.
Last September Coinbase announced it will be ramping up its listing process, with 17 new tokens it will be taking into consideration. These include Avalanche, Celo, Chia, Coda, Dfinity, Filecoin, Handshake, Kadena, Mobilecoin, NEAR, Nervos, Oasis, Orchid, Polkadot, Solana, Spacemesh, and Telegram.
Delta Exchange Listing
The Kyber Network token was also recently listed as a Futures product on derivatives platform Delta Exchange. On February 21st, Delta Exchange launched it’s KNC-BTC Quarterly Futures product with 5x leverage. Delta states that March Futures are already open for trading, with June contracts aimed to open in the second week of March.
Delta Exchange is a derivatives trading platform for cryptocurrencies, with future and perpetual swap options for 28 digital assets including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Stellar (XLM), and Binance Coin (BNB). Some assets allow up to 100x leverage and all trades are settled in either BTC or stablecoins.
The dual announcements certainly seem to have given KNC a boost. Monthly on-chain trading volume on the Kyber Network crossed $100 million in total value two days ago, a week before the month-end.