Coinbase Supports OmiseGo And Announces Cosmos Staking

As of recently, Coinbase supports OmiseGo on the main platform but also on the iOS and Android apps as we are reading in the latest Coinbase news today. The platform has announced the staking of Cosmos as well as the selection by FTZ to be the main custodian.

As Coinbase supports Omisego, the price of the asset is expected to increase over the next period. OmiseGO (OMG) is an ethereum-based token that powers its own smart contract platform which allows the businesses and individuals better financial freedom with the help of the financial services and investments.

OmiseGo enables wider access to a wider range of financial services and also spending digital assets anytime and anywhere. The goal of the platform is to facilitate the moving funds between platforms and payment systems via blockchains like Ethereum. The OmiseGO network enables peer to peer transactions in real-time and facilitates financial services across countries and applications. According to the announcement, Coinbase customers can now purchase, sell, and convert or even store OMG. OMG will be available for customers in all of the Coinbase-supported regions except New York.

Coinbase custody is now the primary custodian for FTX and the company will be responsible for the storage of the ERC-20 exchange token FTT. The exchange is also providing the clients with the possibility to use their Cosmos assets to earn rewards through staking without having to put their funds at risk.  The custody platform aims to be the first crypto custodian to offers staking for assets that are held in offline storage. Cosmos is proof of stake blockchain that is designed to improve the interoperability between the blockchains. PoS assets such as Cosmos will incentivize the users to help secure the networks by staking the assets to a validator.

The clients can log in to their accounts and use the simple interface to start staking their Cosmos assets. They can decide the stake amount and whether to delegate it to Custody or to a third-party validator. Coinbase’s goal is to open a financial system for the world and to transact new currencies such as Bitcoin, Litecoin, and Ethereum. The company is committed to serving a broad spectrum of institutional clients and to provide a robust ecosystem as well.