The latest Coinbase news show that a new milestone has been reached – and a new update is now announced by the team behind one of the largest exchanges. In fact, it is the institutional asset custody arm of the US-based exchange that is in the news now – as Coinbase Custody extends its crypto staking service to an internationally-based one.
As of November 21, the asset custody arm is transitioning to an internationally-based staking service. In rolling out the staking service to a global investor base, Coinbase Custody appears to be leveraging its brand recognition in order to promote staking as a key emergent investment strategy for the blockchain and cryptocurrency space.
This announcement also states that Coinbase Custody extends the service and wants to offer all of its global clients “appropriate access to crypto first features like staking.”
Meanwhile, we have seen this institutional arm offering institution-grade staking service for Tezos (XTZ) as of March 2019 – which is subject to jurisdictional eligibility requirements – as the company’s flagship exchange rolled out support for XTZ staking to US clients earlier this month.
If you have not been following our blockchain news then, staking is basically a model that is specific to Proof-of-Stake (PoS) blockchains and allows network participants to passively earn a form of “interest” by depositing their tokens to both maintain the network as well as earn rewards.
As opposed to the Proof-of-Work (PoW) blockchains such as Bitcoin, nodes in the PoS network are engaged in validating the blocks rather than mining them. An algorithm selects block validators based on the number of tokens a given node has staked in their wallet.
During the crypto winter of 2018, staking was pitched as an investment “survival” strategy by many crypto fund managers and analysts. Now that Coinbase Custody extends its service to offer staking to investments around the world, we could see even more quality news coming in the near future.
The entire narrative around staking is set to positively influenec the industry and has been aired by top crypto exchange Binance and its research arm as a potential one. Binance has itself rolled out staking services this fall.
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“An investigator may be able to determine whether an account is being used for illicit activities by doing research on the parties of the transaction who receive or send payment and determining whether such parties are regularly involved in illicit activities. It may for example be relatively easy to determine that a party sending or receiving payment is in the business of conducting online services that may be illegal,” the filing shows.As Coinbase secures a new patent, we can see that exchanges are making bigger and bigger moves towards adoption of systems that work against illicit activities.Speaking of, CipherTrace reports for the third quarter of 2019 show that the total volume of cryptocurrency related fraud and theft resulted in losses which are worth $4.4 billion in 2019. CipherTrace also showed the 120 most popular exchanges and their Know Your Customer (KYC) and Anti-Money Laundering requirements and analyzed patterns in these crypto-related crimes.In contrast to this, we can see that earlier in November this year, the lawyer and general counsel at the decentralized startup Compound Finance, Jake Chervinsky, asked whether exposing the public to data risks that KYC requirements carry with them is actually worth it. He argued and said that KYC helps law enforcement to track illegal transactions but also exposes the public to hacking, identity theft and phishing.
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