While the listing of Filecoin even ahead of its mainnet launch is largely uncommon in the crypto sphere, Kraken’s VP of product, Jeremy Welch confirmed that the listing of Filecoin meets all regular procedures and protocols the exchange adopt in listing a token.
U.S.-based cryptocurrency exchanges Kraken and Gemini have announced the listing support for Filecoin ahead of the coins scheduled mainnet launch. According to a report from The Block, the announcement from the duo of Kraken and Gemini takes a little deviation from the norm as exchanges do not naturally do that.
After much delay, Filecoin announced back in September that it will be proceeding with its mainnet launch first then followed by the official debut of the entire project that has been under development since 2017. Filecoin as of today ranks as one of the most anticipated projects in the cryptosphere today and the outright show of support from Kraken and Gemini further lends credence to the built-up anticipation.
As revealed by Kraken, the proposed Filecoin listing will be a mainnet listing that will precede the normal trading of the coin when the mainnet eventually goes live and funds transferred on the network becomes activated. Gemini on the other hand said that it will provide support for both the trading and custody of Filecoins when the mainnet launches with deposits and withdrawals commencing on Thursday, Oct. 15. Gemini noted that the addition of Filecoin is an attestation to its commitment to support projects with good unique missions.
While the listing of Filecoin even ahead of its mainnet launch is largely uncommon in the crypto sphere, Kraken’s VP of product, Jeremy Welch confirmed that the listing of Filecoin was not devoid of the regular procedures and protocols the exchange adopt in listing a token.
Kraken and Gemini Support Is a Feather to the Hat of Filecoin
The support being led by Kraken and Gemini will do so much as to speak to the integrity of the Filecoin project. Filecoin is the native cryptocurrency of the Filecoin network and is currently been developed by Protocol Labs. The hallmark of the project is to usher in a decentralized file sharing and storage service that will afford users the opportunity to buy and sell unused storage on the network using FIL.
As Coinspeaker reported, over 400 miners around the world have launched well over 325 pebibytes (PiB) of storage capacity on the Filecoin network. This is “enough space for 90 million 1080p movies, 1,400 full copies of Wikipedia, or 7 times the entire written works of mankind (in all languages)” as acknowledged by the Filecoin team. This is a milestone achievement from any trustless decentralized storage networks so far.
The project has garnered trust from day one raising as much as $257 million in its Initial Coin Offering back in 2017. With the project finally coming live, the team behind the Filecoin network will find a way to unleash the uniqueness of the network and its offerings after the incessant delays and anticipations it has stirred amongst its prospective users.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.