Coinbase Custody clients will be able to participate in MakerDAO’s governance in Q2-2019

Coinbase, a leading cryptocurrency exchange in the United States, has been in the limelight over the past few weeks. The exchange is now in the news after it added new services to its platform. Coinbase announced the launch of staking support for Tezos as well as governance support for MakerDao for their Coinbase Custody clients.

Setting the Tezos baking support aside, the platform will be participating in the governance of Maker and Tezos. The official blog post read,

“In addition to Tezos baking, we’re launching Maker and Tezos voting in Q2–19, pending approval per our internal evaluation process.”

This was followed by the platform remarking that MakerDAO was one of the “fastest growing” projects in the Ethereum ecosystem. The blog further stated that there were over 200 projects that were integrating DAI, Maker’s stablecoin based on Ethereum network. This makes it one of the “most used” decentralized stablecoin and “a core element in the #DeFi movement”, the platform claimed.

The blog further stated,

“The Maker community is known for its passionate commitment to decentralized governance. Until now, institutional investors who used custodians to store their MKR (the governance token for the Maker system) were unable to participate. That changes with Coinbase Custody.”

This was followed by the platform stating that their team was collaborating with the MakerDAO team to “ensure” that the offline storage of the exchange “works seamlessly with VoteProxy smart contract”.

Rune Christensen, the Founder and CEO of MakerDAO, said,

“Decentralized governance is fundamental to the success of the Maker project. Coinbase Custody will provide an essential service by providing a way for institutional holders to participate in the system and vote with their MKR.”

The platform added that they would be launching staking support for any chain its customers’ would invest in moving forward. Further, along with allowing its institutional clients to vote on Maker’s proposal, it will also enable them to validate Cosmos.

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