Crypto

Coinbase Rolls out Tezos Staking Support for US Customers

Cryptocurrency service providers need to come up with new ways to keep customers affiliated. Coinbase, the popular exchange and wallet provider is doing so by introducing staking rewards.

Staking is an integral part of the altcoin industry. Many currencies do not just rely on mining, but also let token holders earn passive interest by keeping their coins in place.

Tezos Staking Comes to Coinbase

To this date, there are few platforms that let users stake currencies online. Coinbase can now be added to that list. 

The company wants to offer customers more ways to earn rewards by holding cryptocurrencies. The first currency to be supported is Tezos, or XTZ.

In the blog post, Coinbase confirms this will only apply to eligible US customers. International clients will seemingly not receive access to this functionality for the foreseeable future.

Related Post

Coinbase will stake XTZ on behalf of its customers and distribute rewards accordingly. It is expected users pursuing this option will receive roughly 5% of their balance in staking rewards.

In the Coinbase app, users will see their rewards increase in real-time. After the initial holding period of six weeks expires, users will receive rewards every three days.

Exploring this option still allows users to move their Tezos to a different address if they wish to do so. Opting out can be done at any given time, which is crucial to keep in mind. 

It is an interesting direction for the company. Centralized platforms like these often restrict user control in many different ways. 

By introducing staking rewards, Coinbase’s team shows things can be done differently.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Justin Sun Pledges $SUN Buybacks With SunPerp Revenue

Justin Sun, CEO of TRON DAO, has just made one of his biggest announcements of…

2 days ago

$BNB Hits $1,000 ATH as Market Cap Reaches $145.7B

$BNB has broken through a historic milestone. The token surged past $1,000, setting a new…

3 days ago

Top 5 DeFi Tokens Less Than $1 Price Mark To Watch In September

Decentralized finance (DeFi) has continued to disrupt traditional financial systems, offering permissionless access to lending,…

3 days ago

Solana Data Insights: App Revenues Hit $193.5M in August, Up 126% YoY

Solana’s app economy posted another breakout month. Total application revenues surged to $193.5 million in…

4 days ago

Sharps Technology Aligns with Bonk for Treasury Staking and Solana Growth

Sharps Technology (NASDAQ: STSS) is making a major move in the Solana ecosystem. The company,…

4 days ago

Understand AR In the Context of LivLive’s Game Layer for Reality Ecosystem

LivLive is redefining augmented reality (AR) gaming by turning real-world actions into measurable value for…

5 days ago