While it is true that the crypto space has grown at a breathtaking pace over the past few years in the United States, it should be noted that it would not have been possible without the stellar service provided by crypto exchanges like Coinbase. Over the years, the exchange has provided crypto enthusiasts, investors, and traders with a world-class platform.
In a new development, it has emerged that Coinbase users will now be able to stake the cryptocurrency Tezos on the platform. The announcement was made on Tuesday by the company, and it is definitely a significant development.
The announcement was made by Coinbase in a medium post yesterday, and in the concerned post, the company stated that users who hold Tezos will now be able to get staking rewards. It is a highly important development since it creates an incentive for investors who are prepared to stay in the crypto market for the long term.
Due to the existence of rewards, Tezos (XTZ) holders will now be rewarded with interest on the tokens that they own and hold on the platform.
The interest will be paid out in XTZ. It should be noted that the service has already been launched in the institutional platform maintained by the company named Coinbase Custody. The service was rolled out earlier this year in March.
At the time, Tezos co-founder Kathleen Bretmen 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.” Coinbase users will now be earning a staking reward of 5% on their holdings over a period of 35 to 40 days.
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