Coinbase Launches Kyber Rewards, But a Long Wait is More Likely

Yesterday, Coinbase announced that it was expanding its Learn platform with the addition of Kyber Network tokens. The incentive allows exchange customers to watch videos in exchange for a small handful of the KNC tokens worth a couple of dollars.

Starting today, Coinbase customers can start earning Kyber (KNC) by watching lessons and completing quizzes about the Kyber Network, a protocol that aims to make swapping digital assets and cryptocurrencies simple and efficient. https://t.co/2JQm5kDn3W

— Coinbase (@coinbase) July 28, 2020

The Kyber Network has shot to DeFi fame recently following the launch of its long-awaited Katalyst protocol upgrade on July 7. The platform joined the liquidity farming race with a governance upgrade that yielded staking opportunities on the new KyberDAO for KNC holders. Earlier this month, KNC skyrocketed to a two year high of around $2. Not wanting to miss out on commissions or potential future staking fees, Coinbase listed KNC earlier this year.

Coinbase has also listed Compound Finance’s COMP token, admitting that it has a large stake in the DeFi platform. Learn opportunities are also available for COMP, but waiting lists appear to be a bigger issue than eligibility for many of the exchange’s customers.

Still Waiting …

The move was met with a lot of complaints however, as just a few hours after it was announced, many Coinbase customers had logged in to found that they were on a waiting list. Either the incentive is that popular that thousands had signed up to learn about KNC within a couple of hours, or Coinbase was playing tricks again to boost its user base.

These ‘waitlists’ are often just another way of saying ‘we’ve run out of free tokens to hand out’. Some users were still waiting for XLM earn opportunities, 16 months after they were announced on the exchange. One disgruntled customer posted:

“I’ve been on “WAITLIST” for your coins for >6 months. I’ve have emailed you guys multiple times, with no reply, no help, no acknowledgement.”

Another added:

“You guys just made us join wait list……… but that wait never ends ….. very bad experience with coinbase for giveaways,”

Eligibility is also an issue as Coinbase prevents some geographical regions from taking part though being in one of its favored locations is still no guarantee of acceptance.

“Customers in all other supported countries may indicate their interest and join the waitlist. Due to popular demand in those markets, please note it may take some time to be able to start earning — even if you are an eligible customer.”

The incentive appears to be a good one, but judging by the responses, Coinbase doesn’t really want to give much away at all.

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