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

Vitalik Buterin Deploys 16,384 ETH Toward Privacy And Open Infrastructure

Ethereum co-founder Vitalik Buterin is once again channeling personal capital into the long-term foundations of…

11 hours ago

Lido V3 Launches on Ethereum Mainnet With Game-Changing stVaults

Lido Finance has officially activated Lido V3 on the Ethereum mainnet, introducing a powerful new…

11 hours ago

Bitcoin Slips To $83,500 As Liquidations Rock The Market

Bitcoin tumbled to around $83,500, marking its lowest level in over a month and triggering…

1 day ago

The 190M Daily Squeeze: ZKP’s $1.6M Momentum Ranks It as the Best Presale Crypto for 10,000x Gains

The Zero Knowledge Proof (ZKP) presale auction has officially entered Stage 2, and for anyone…

2 days ago

Ethereum Signals ERC-8004 Mainnet Launch For AI Agents

Ethereum has announced that ERC-8004, a new token standard designed for AI agents, is heading…

2 days ago

Ondo’s Tokenized U.S. Treasuries Go Live on Sei

Tokenized U.S. Treasuries from Ondo Finance are now live on the Sei Network, marking a…

2 days ago