Coinbase Opens Tezos Staking to all US Customers! Coinbase opens Tezos staking – allowing US customers to earn interest on their XTZ holdings for depositing and holding the token on the platform. The announcement was made via a blog post yesterday.
Staking is a way for customers to passively earn income with their crypto by holding funds in a cryptocurrency wallet to help support the operations of that tokens’ network. Staking purportedly makes the blockchain of that asset more secure and more efficient – in exchange for staking, customers get rewarded with more assets from the network.
Coinbase Custody had already launched its staking service for Tezos back in March of this year. Kathleen Breitman, co-founder of Tezos, said at the time:
“The launch of Tezos staking through Coinbase Custody serves an acute need that existed up until now: a way for institutional participants who rely on a secure, offline custodian to take an active role in the network.”
Coinbase customers holding Tezos on the exchange will be able to collect an estimated return for Tezos staking at around 5% per holding period of 35-40 days. Once Customers’ initial holding period completes, they will receive rewards in their accounts every three days.
Coinbase has already started staking via their USDC coin – it’s earning a 1.25% annual percentage yield. Coinbase is also aggressively expanding its services for US customers. Brian Brooks, Coinbase’s legal chief, said that the US government should take a step back and allow the private sector to create a US digital dollar. Brooks claims that the private sector can build the technology more effectively – the public sector should stick to setting monetary policy.
Coinbase is part of a 80 firms that have collectively spent $42 million in lobbying for blockchain and cryptocurrency policies in Washington DC in Q1 2019.
What do you think? At 5%, will you be staking a part of your portfolio at Coinbase? Let us know on our Facebook page!