‘Big chunk’ of Chiliz (CHZ) will be moved to Coinbase Custody, says CEO

• Chiliz (CHZ) will be moved to Coinbase Custody soon.
• CHZ is an exclusive digital currency powering the Socios.com platform.
• By moving to Coinbase, the tokens circulating supply will not change.

Alex Dreyfus, the CEO of Chiliz and Socios.com platform, has disclosed that a significant portion of Chiliz (CHZ) token will soon be held in Coinbase Custody. The ERC-20 token is the native digital currency powering the fan engagement platform Socios.com, and it is already supported on several digital currency exchanges, including Binance, KuCoin, Bitfinex, and WazirX. 

Chiliz goes to Coinbase Custody

Dreyfus tweeted on Tuesday, informing that a significant portion of Chiliz tokens will be sent to Coinbase Custody, which is the digital currency custody platform of the leading United States Coinbase exchange. Although the exact amount of the token wasn’t disclosed at the time, the CEO did say that the decision was for security and insurance. 

Dreyfus precisely noted:

We are going to move some big chunk of $CHZ supply to @CoinbaseCustody (for security reasons + insurance) in the next couple of days. This will NOT change the circulating supply, just being stored on the high-end super safe Coinbase platform.

No trading on Coinbase

Noteworthily, the development doesn’t mean that Chiliz tokens will automatically be available for trading on Coinbase, at least for the meantime. As Dreyfus explained, the latest move is aimed at ensuring adequate security for the digital currency. There were also no plans disclosed for bringing the digital currency to the Coinbase wallet. 

The cryptocurrency in question is currently rated as the number 143 largest digital currency by market capitalization on Coinmarketcap, a crypto price tracking platform. Chiliz (CHZ) sees a 24h trading volume of $4,486,146, and market capitalization of $54,228,037. Out of the total supply of 8,888,888,888 CHZ, there are about 4,920,737,861 CHZ currently in circulation.