Popular cryptocurrency exchange, Coinbase has partnered with Kava, a decentralized web 3 firm. The exchange announced the development in a Twitter post on Friday. As announced, the aim of partnership is to aid web3 development.
According to Kava, the partnership is geared towards enabling the realization of its goal to lead the world to Web3. Currently, the exchange ranks as one of the largest crypto exchange in US. Occasioned by this collaboration, all Cosmos chains will be listed on Coinbase. This development thus dropped the process of integrating CosmosIBC projects to one month, as against 18+ months earlier slated.
Notably, Kava said it has spent the past year working on the network for EVM, and Coinbase compatibility. This thus helps to enable transactions between both ecosystems natively on the web3 protocol. Also, it has effectively expanded that functionality to more than 100 million verified users on Coinbase.
Notably, the partnership between Coinbase and Kava also intends to enable rapid cross-population between Cosmos and Ethereum users and developers. As revealed, this positions the protocol as the most valuable interoperable layer -1 blockchain.
Coinbase to include support for Kava on its network
According to Coinbase, support for KAVA will be included on the network. The exchange also warned users not to send Kava assets over other networks. Also, Coinbase allows transfer of the assets in regions where trading remains lawful.
Notably, this partnership with Kava comes a few days after Coinbase halted its operation in Japan. As revealed, the exchange gave its Japan-based customers Feb 16 deadline to withdraw their fiat and crypto holdings. Notably, the exchange cited weak market conditions as the reason for halting operations in Japan. According to the trading platform , it aims to ensure a smooth transition. In addition, the exchange plans to halt fiat deposit function in the country today.
Meanwhile, KAVA recently partnered with Unifarm, a multi-token reward staking protocol. As revealed, the partnership manifested to ensure Kava becomes the default DeFi platform that provides stablecoins and decentralized lending to all major crypto assets. Worth noting that Kava’s partner, UniFarm runs as a multi-token reward staking protocol that ensures automatic portfolio diversification and APYs of 60% to 400%.
A few weeks ago, Kava also partnered with Axelar, a cross-chain communication Web3 firm. As revealed, the partnership also emanated to make it easier for users to transfer assets across blockchains.
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