U.S. Markets closed

Coinbase Custody adds support for Polkadot’s DOT token

Celia Wan

Coinbase Custody, cryptocurrency exchange Coinbase's custody subsidiary, is adding support for blockchain protocol Polkadot's DOT tokens. 

The custodial service and Polkadot's managing partner, the Web3 Foundation, are partnering up to allow investors who have been allocated the DOT tokens to claim them directly with their Coinbase Custody accounts, per a Web3 Foundation announcement. 

The claiming process has already been launched along with the release of a dedicated website that provides information on alternative methods for DOT holders to claim their tokens. 

Polkadot first conducted a token sale in 2017, issuing 5 million DOTs in the form of SAFTs - Simple Agreement for Futures Tokens, which gives investors the rights to the tokens once the protocol goes live.

In June 2019, Web3 Foundation also closed another private token sale, distributing 500,000 DOTs.