Coinbase Custody Empowers MKR Holders with Governance Participation

Governance Without Withdrawal: A New Era for MKR Holders

Coinbase Custody has unleashed a dazzling new feature that allows Maker (MKR) holders to flex their governance muscles without the hassle of withdrawing their precious digital coins. Announced on October 11, this innovative system positions Coinbase as a frontrunner in enabling users to participate in on-chain governance directly from the platform. Talk about convenience!

Why This Matters for MakerDAO

By rolling out this governance feature, Coinbase aims to attract more participants to the MakerDAO Multi-Collateral Dai (MCD) voting scheduled for November 15. Picture it: users can now cast their votes on critical decisions without engaging in the dreaded fund withdrawal process, making governance as easy as pie.

Upcoming Votes: What’s on the Agenda?

With the MCD launch, MakerDAO is beefing up its platform with exciting new functionalities, including the Dai Savings Rate (DSR) and additional collateral types. In the run-up to the vote, MKR holders will receive comprehensive documentation to ensure they’re informed participants. According to the announcement:

“MKR holders will also soon review and vote on the terms of the DSR and the risk parameters for the two first tokens being evaluated by the interim risk team — BAT and ETH.”

A Look Back: Stability Fee Decision

In a noteworthy past event, May saw the proposal to lower the stability fee for the DAI, MakerDAO’s decentralized stablecoin, by 2% to 17.5% a year. Unfortunately, the motion found itself lacking the necessary votes for a quorum and ultimately tanked. Ah, democracy, isn’t it charming?

Coinbase Custody’s Climb to the Top

Since its inception in November 2017 and official launch in July 2018, Coinbase Custody has been on a mission to fulfill institutional investors’ primary concern—security. With aggressive expansions, including its integration into Coinbase’s over-the-counter trading desk and a foray into staking, the platform is carving out a remarkable niche.

In a strategic power move, Coinbase Custody acquired Xapo’s institutional business this past August, earning the title of the world’s largest crypto custodian by assets under custody. Today, they proudly manage assets for over 120 clients across 14 countries—no small feat!