- Coinbase announces Tezos staking for four countries in Europe
- The exchange is to add Tezos staking for users in the UK, Netherlands, France, and Spain
- Coinbase users have earned $2 million in crypto rewards
Tezos News Today – following the successful experimentation of launching Tezos staking in the United States last year, reports show that Coinbase exchange plans to bring the above service to four different European countries. Since traditional investment vehicles have failed to give investors good returns for their money, crypto staking has seen its demand rise in the financial market recently.
San Francisco-based Coinbase exchange has expanded its Tezos staking to four European countries. Coinbase announced on May 28. The exchange said it is going to bring Tezos staking to the UK, Netherlands, France, and Spain. Coinbase also said it will focus on allowing its users to earn rewards for holding cryptocurrency.
Coinbase Users Have Earned $2 Million in Crypto Rewards So Far
Coinbase launched its first Tezos staking service in the United States in November 2019. According to the San Francisco based exchange, its users have earned a whopping $2 million in crypto rewards to date. The digital asset exchange also said that staking is the latest lucrative alternative to regular investments like equities and bonds. Coinbase listed Tezos back in July last year.
Since then to this day, the annual earnings for users from staking their Tezos tokens have risen by 5%, according to Coinbase data. It is important to note that Coinbase stakes Tezos on behalf of its users and distributes its rewards directly to their accounts. Additionally, for a user to become eligible to receive staking rewards, they will need to mandatorily hold on to their tokens for 35-40 days at least.
Tezos and Coinbase Staking Rewards
The Tezos protocol is a Proof-of-Stake network that lets its users stake their coins to earn rewards. The sum of rewards in the PoS model is directly proportional to the total number of tokens staked. The staking procedure is rewarding because it allows you to help the Blockchain become more secure and efficient.
Cryptocurrency staking has slowly started to get popular because it lets you earn a steady income. Meanwhile, traditional investment vehicles including savings accounts and government bonds and savings have failed investors time-and-again. Yields on these investment instruments have dived into a multi-year low.
This is why crypto staking has been emerging as an adequate alternative for investors. It is important to note that the value of staked assets as well as rewards can change according to the market’s dynamics. According to a Coinbase spokesperson, the San Francisco based exchange is working with local regulators to ensure that its staking service expands to more regions.