Announcement: As of February 27, 2020, Coinbase.com has added Kyber (KNC) to our supported assets for Coinbase. Coinbase customers, in qualifying countries, will now be able to buy, sell, send, and receive Kyber (KNC). For info about which products and regions will support the new asset, please see our Supported Digital Currencies page.
What is KNC?
Kyber Network Crystals (KNC) is an Ethereum token used for paying fees on the Kyber Network. KNC is used as part of Kyber Network transactions to facilitate ongoing system operations, primarily swapping digital assets. The network users who swap digital assets pay a fee (KNC), which helps prevent wash trading. KNC can also be used for governance on the Kyber network based on how much KNC a user holds. In addition, users who pay these fees can get instant liquidity when they swap assets.
What is the Kyber Network
The Kyber Network is a protocol that aims to make swapping digital assets and cryptocurrencies simple and efficient. The Kyber protocol aggregates liquidity from a wide range of reserves, powering instant and secure token exchange in any decentralized application.
There are two types of users on the network: makers and takers. Makers create liquidity by holding their tokens, and takers are the end users that are requesting the swap of tokens. Daaps (decentralized applications) can connect to the Kyber network in order to accept any token from users, but only receive the token they want. KNC is used to facilitate and pay fees for the transactions on the Kyber network.
Can I send KNC to Coinbase?
Yes, but you must send KNC to and from Coinbase within the KNC wallets. Even though KNC is on the Ethereum network, please don’t send any KNC tokens to your ETH wallet. For Coinbase Pro, select the Deposit button to view your KNC deposit address. KNC requires 35 confirmations, and each confirmation can take approximately 15 seconds per block to complete.
If you send to an external (non-Coinbase) address or wallet that does not support KNC, Coinbase is not responsible for that transaction. Additionally, do not send non-KNC tokens to your KNC address.
Are there deposit or withdrawal limits?
There are no maximum or minimum deposit or withdrawal limits.
Is KNC supported in my country?
Please visit the Supported Digital Currencies page in our Help Center.
Is Staking supported for KNC?
Staking is not supported at this time.