Bison Trails and Coinbase Custody have joined the Proof of Stake Alliance (POSA) which is an advocacy group for the POS Technology so let’s learn more about it in the latest Coinbase news today.
As per the reports, Coinbase Custody and the New-York Based Bison trails platform, along with a few of the remaining Libra association members, join the likes of Interchain Foundation, Tezos, and the Web3 Foundation. The goal of the Proof of Stake Alliance (POSA) is to educate and policy stakeholders on the Proof of Stake technology which is an extremely prominent component of the cryptocurrency and the entire blockchain ecosystem. The CEO of Coinbase custody Sam Mcingvale said on the joining forces:
“Proof of Stake is an increasingly important innovation that the crypto space as a whole is rapidly trending toward. POSA is playing a critical role by engaging with lawmakers and regulators to educate them on emerging POS technology. It’s our hope that through the work of organizations like POSA, we’ll start to see meaningful conversations and, in time, clarity when it comes to POS and its applications.”
The Proof of Alliance was founded in 2019 and now has about 20 member organizations. By holding the member events and getting into outreach to lawmakers that will advocate for tax clarity and regulatory compliance around the staking networks so the organization submitted documentation to the Securities and Exchange Commission which outlines the PoSA analysis on the interpretation of the securities laws for validation connections.
The group has been arguing that decent tax treatment of staking rewards is heavily necessary for the technology and its further growth. The latest two members will underscore the major significance in the industry and as the POSA board member Matt Perona explained:
“As our newest members, Coinbase Custody and Bison Trails further validate the importance of our mission and the work of all our members on the front lines as we continue to advance the Proof of Stake industry.”
The exchange published a blog post on October 10 which showed that its digital assets custodian will launch support for the Telegram Open Network (TON) and its token Gram (GRM) when it goes live. What is evident is the fact that the announcement by Coinbase shows that it will support the secure storage of three forthcoming tokens in total – which are the GRM, Sola (SOL) and OXT (OXT) – at each network and its respective launch.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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