KuCoin, a Singapore-based cryptocurrency exchange on January 24 announced its launch of Grin (GRIN). The latter is a digital asset that is based on the Mimblewimble Blockchain, and it aims to give privacy to parties involved in a transaction. Reportedly, this digital currency exchange is the second to have launched GRIN.
KuCoin Announces the Launch of GRIN
KuCoin on its Twitter page and blog announced the launch of Grin (GRIN), a cryptocurrency that runs on the Mimblewimble Blockchain. Per the exchange’s post, the coin could be deposited into wallets from January 24, and its withdrawal began on January 26. Also, three cryptocurrencies can be traded for GRIN, and these are Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
A media outlet’s report on January 25 also reveals that during the coin’s launch, it was trading at around $261. However, CoinMarketCap’s data, as at press time shows that the price of this digital asset is $13.14. The sudden decline in value within a short period is said to be partially caused by the infinite supply of the coin.
Privacy Coin Based on Mimblewimble Blockchain
GRIN is reportedly a privacy coin because it is based on the Mimblewimble Blockchain that seeks to hide the details of a transaction from an onlooker. As a result, only the parties transacting will be aware of the exact amount that has been sent. This Blockchain is believed to solve one of the problems of existing distributed ledger technologies which do not make transactions confidential.
According to KuCoin:
MimbleWimble provides extremely good scalability, privacy and fungibility by relying on strong cryptographic primitives. It addresses gaps existing in almost all current blockchain implementations.
KuCoin Says GRIN Aims to Bring About Simplicity and Save Space
Asides being reputable for its privacy, KuCoin outlined that GRIN aims to bring about simplicity which will make its auditing easy. In the same vein, it saves space during transactions since it scales minimally depending on the number of transactions, and scales more with the number of users. Other than the Singapore exchange, investors who may be interested in trading the digital asset can find it on Hotbit.
On December 26, BTCNN informed of KuCoin’s delisting of 10 tokens for not maintaining the listing standards. Among the delisted tokens are Jibrel Network (JNT), Mobius (MOBI), WePower (WPR), Modum (MOD), BitClave (CAT), and EthLend (LEND). As a result of the removal, users were unable to deposit such tokens on the platform.