- Coinbase expands access to Tezos (XTZ) staking
- Eligible Coinbase customers to earn 5 percent reward on XTZ staking
- Coinbase continues to expand its services to its US-based customers
Tezos News Today – Coinbase – a US-based digital currency trading platform and wallet service – recently announced that it has expanded access for Tezos (XTZ) staking. Via a blog post, Coinbase announced that it would be introducing staking rewards for all XTZ holders on the trading platform. This means eligible customers in the US can earn interest on their Tezos holdings, for holding and depositing the digital currency on the platform.
Coinbase Customers to Earn 5 Percent Staking Reward on Tezos (XTZ)
With staking, customers can passively earn income with their digital currency by leaving their funds in their digital currency wallet to support the operations of the network of that token. Reportedly, staking makes the blockchain of that digital currency more efficient and secure. Customers usually get rewarded with more tokens from the network in exchange for leaving their tokens in a staking wallet.
Coinbase Custody – the institutional asset custody arm of the platform – launched its staking service for XTZ in March this year. During the launch, the co-founder of Tezos – Kathleen Breitman – said:
“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.”
From now, every eligible customer on the platform holding Tezos (XTZ) would be able to collect a return of about 5 percent per 35 to 40 days holding period. Once the initial holding period of the customer is complete, the customer would be receiving rewards in his or her accounts every three days.
Coinbase Expands Its Services to Customers Based in the United States
Coinbase has expanded its services to US-based customers, and the staking on XTZ is the most recent example. In early October, the trading platform started allowing US-based USD Coin holders to earn 1.25 percent annual percentage yield. The trading platform is gradually extending its services to US-based customers.
Tezos (XTZ) Price Jumps 30 Percent after Coinbase Staking Support
Tezos (XTZ) is one of the most popular altcoins in the market. The recent bullish announcement pushed the price of the digital currency past the $1 mark for the time in several weeks. After the announcement that customers can start earning 5 percent return on staking Tezos (XTZ) on Coinbase, the price of the digital currency skyrocketed. The demand for the digital currency increased significantly across the market. Tezos is currently the highest gainer among the top 20 coins in the market, with an increase of more than 30 percent over the past day.