Buy Kyber Network Crystal in Canada
Kyber Network Crystal made simple
Everything you need to know about Kyber Network Crystal and how to start investing in it.
-$0.15 (-7.52%) past 24 hours
- Market Cap
- Total Supply
- 24h low - high range
- 1.82 - 2.11
- 7 day low - high range
- 1.74 - 2.20
- 52 week low - high range
- 1.43 - 5.57
Kyber Network Crystal 101
The Kyber Network is a set of decentralized liquidity protocols based on the Ethereum blockchain. On a decentralized exchange called KyberSwap, anyone can use these pools to swap Ethereum based tokens, like ETH, Aave and the Basic Attention Token, without signing up for an account or submitting identification.
You can swap between Ethereum-based tokens by drawing on Kyber’s reserves. These reserves, known as liquidity pools, are vast funds containing pairings of Ethereum-based cryptocurrency tokens. Anyone can contribute to these pools, and they earn fees for doing so.
Several decentralized exchanges, like Sushi and Uniswap, use this structure; this type of model is called an “automated market maker”. Kyber operates slightly differently, as it draws on the liquidity of other pools, like Uniswap, to try and get you the best prices on your token swaps.
The token swapping service is just one implementation of the Kyber protocol. Other blockchains, like TomoChain, use versions of the protocol on their blockchains. sites like price aggregator CoinGecko, and wallets like MyEtherWallet or Coinbase Wallet, have integrated the service to facilitate token swaps.
A token called the Kyber Network Crystal (KNC) powers the network. It’s an ERC-20 token, meaning it’s based on the Ethereum blockchain.
Why Wealthsimple Crypto?
Wealthsimple Crypto lets you buy and sell cryptocurrencies all in one easy-to-use app. And as Canada’s first regulated crypto platform, you can trust that your coins are in good hands. How simple is it?
Sign up in minutes right from your phone or laptop
Start trading crypto with as little as $1
No account minimums
No clunky dashboards — just one super simple app
Best of all: you don’t need to be an expert in crypto or blockchain to get started
What can you do with Kyber Network Crystal?
The Kyber Network Crystal was designed for two main purposes. The first is to serve as a governance token so that holders can use it to vote on important designs that concern the future of the protocol. This might include voting on upgrades to the protocol in the KyberDAO (DAO stands for decentralised autonomous organisation), or working out how to distribute funds to projects that want to build on Kyber. The second is to stake the token within the protocol. Stakers are rewarded with the KNC token, distributed from network transaction fees incentivising people to hold the token to support the network.
Is Kyber Network Crystal a smart investment?
Crypto carries risks — but generally speaking, our advice (regardless of whether you’re investing in Kyber Network Crystal or stocks) is: never invest what you can’t afford to lose. The smartest way to grow your money long term is with a diversified, low-cost portfolio that tracks the market.
How we keep your Kyber Network Crystal safe
As Canada’s first regulated crypto trading platform, we’re required to meet certain requirements — like using only qualified custodians (like Gemini Trust Company LLC and Coinbase Custody) for cold storage.
FYI: Wealthsimple Crypto is not an exchange itself. Instead, we work with multiple exchanges to give you the best Kyber Network Crystal prices.
And to make sure your coins are extra protected, we’ve partnered with Coincover for an extra layer of security.
If you’re holding crypto outside of Wealthsimple, that’s no problem. You can safely transfer your Kyber Network Crystal to your Wealthsimple account in just a few taps.
Other cryptos to explore
More info about Kyber Network Crystal
Want to take a deeper dive? Check out these articles about Kyber Network Crystal and the world of crypto.
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Ready to get started?
Download the Wealthsimple Trade app, create your account, and start trading Kyber Network Crystal with just $1. It’s that simple.
Yep! When you open a Wealthsimple Crypto account, you can get started with anywhere from $1 to $1,500 instantly.
Buying Kyber Network Crystal with Wealthsimple is, well, simple. The first thing you need to do is open and fund a Crypto account in the Wealthsimple Trade app. You can connect your bank account and add up to $1,500 instantly.
From there, follow these steps: 1. Tap the magnifying glass icon in the top right corner of your screen 2. Type in Kyber Network Crystal 3. Tap Buy 4. Enter the dollar value of cryptocurrency you'd like to buy and tap Continue 5. Review the order details and tap Confirm order
You can choose between two different order types when buying Kyber Network Crystal. A market order lets you buy or sell crypto immediately at the best available price at the time. A limit order lets you buy or sell crypto at a specific price or better.
You can withdraw funds from the cash balance in your Crypto account and move those funds to your bank account. Withdrawals typically take around 2 - 3 business days.
The current price for Kyber Network Crystal in Canadian dollars is $1.90.
Kyber Network Crystal’s current market cap is 140,242,408.
Generally speaking, the CRA treats cryptocurrencies as a commodity. Here’s what they say:
Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain then any losses are treated as business losses or capital losses.
Always keep solid records of any Kyber Network Crystal transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.
A crypto wallet — often called a “hot wallet” — is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage.) Many users use wallet applications to help them manage their blockchain addresses, since each chain uses its own addresses.