Kraken, one of the world’s largest and oldest bitcoin exchanges has announced on May 28 that deposits and withdrawals for Mina Protocol (MINA) token are open. Trading will launch June 1 at approximately 00:00 UTC. The trading pairs are: MINA/USD, MINA/EUR, MINA/BTC and MINA/GBP.
NEW token listed on Kraken – $MINA @MinaProtocol ?
Deposits begin now & trading is live June 1 at approximately 00:00 UTC. https://t.co/fufl1rf1z1
* Trading is not available to clients in US, CA, AU & JP. pic.twitter.com/2QCk5mgmew
— Kraken Exchange (@krakenfx) May 28, 2021
“If you participated in the Coinlist sale, you will be able to deposit MINA to Kraken once they enable withdrawals which should be sometime after June 1 at 00:00 UTC”, the exchange said.
Kraken also noted that MINA token trading isn’t being offered to individuals or entities based in the US, Canada, Japan and Australia at this time.
What is Mina?
Mina is the first cryptocurrency protocol with a succinct blockchain. Current cryptocurrencies like Bitcoin and Ethereum store hundreds of gigabytes of data, and as time goes on, their blockchains will only increase in size. With Mina however, no matter how much the usage grows, the blockchain always stays the same size – about 22kb1 (the size of a few tweets). This means participants can quickly sync and verify the network.
This breakthrough is made possible due to zk-SNARKs – a type of succinct cryptographic proof. Each time a Mina node produces a new block, it also generates a SNARK proof verifying that the block was valid. All nodes can then store the small proof, as opposed to the entire chain. By not having to worry about block size, the Mina protocol enables a blockchain that is decentralized at scale.
In April 2021, Mina Protocol raised a total of $18.75 million in its Community Sale via official partner CoinList in only four hours. The protocol had previously raised a $3.5 million seed round in May 2018 and a $15 million Series A in April 2019 from investors such as Coinbase Ventures and Paradigm.
In October 2020, Mina has raised $10.9 million from Three Arrows Capital and Bixin Ventures, with participation from HashKey Capital, NGC Ventures, and Fenbushi Capital, among others.
Currently, MINA token is being traded in the form of IOU for $ 80 on BitZ, which is more than 300 times higher than the ICO price, according to CoinMarketcap.
Update: MINA token has listed on OKEx and Gate.io
Read more:
- A Deep Dive Into Mina: The World’s Lightest Blockchain
- A Deep Dive Into Vega: Web3’S Native Derivatives Layer