Web3 Foundation and Coinbase Custody, a custodian for crypto assets, are partnering to offer a custody solution for the Polkadot network. Polkadot is a scalable sharded chain that provides a secure environment for cross-chain composability of multiple applications and protocols.
Coinbase Custody will allow individuals and entities with allocations of DOTs – Polkadot’s native token that enables access to the protocol’s features – to claim their holdings directly to their accounts. Users benefit from access to Coinbase Custody’s best-in-class security and easy-to-use staking and token management interface.
Together with this announcement, Web3 Foundation is launching a dedicated website (claims.polkadot.network) with detailed instructions for customers to claim their DOTs. Holders of DOT allocation indicator tokens sold during Polkadot’s pre-launch period can connect their allocations, as denoted on the Ethereum network, with native Polkadot addresses.
The claims process also ensures that these DOT allocations will be inscribed in Polkadot’s genesis block. Coinbase Custody clients will have Polkadot addresses that they can claim their DOTs into directly using this process.
“Polkadot is one of the most exciting projects in the entire crypto ecosystem right now. It’s solving two of the biggest challenges that blockchain-based platforms face today: interoperability and scalability. We’re excited to be working with Polkadot and Web3 Foundation to offer DOT holders the most secure and efficient tools for managing tokens and staking.”
– Sam McIngvale, CEO of Coinbase Custody
Through Coinbase Custody’s staking feature, DOT holders will be able to earn rewards by putting their stake behind validators working to secure Polkadot. DOT holders on Coinbase Custody will be able to participate in Polkadot’s advanced on-chain governance system to coordinate protocol upgrades and fixes.
“With Polkadot genesis fast approaching, we are focused on supporting high-quality integrations to ensure that Polkadot is easy to use and DOT holders are secure. I can’t think of a more trusted name in crypto than Coinbase to be supporting Polkadot from block zero.”
– Kasper Mai Joergensen, CFO of Web3 Foundation
The claims site provides a comprehensive guide for DOT holders including:
- Tool for checking the Ethereum address where DOT allocation indicator tokens have been held until now as ERC-20 tokens.
- A step-by-step walkthrough on how to generate a native Polkadot address Instructions on how to execute a claim.
- Tool for verifying the balance of the Polkadot address once the claim is complete.
DOT holders who do not claim their allocation before the launch of Polkadot’s main network will still be able to use the claims process after launch.