Yesterday, the Tezos news showed that the cryptocurrency is in talks to expand to Asian markets after the popular crypto exchange OKEx decided to list it on its website. Today, the news show that Coinbase opens Tezos (XTZ) staking for customers from the United States.
In a blog post that was published on November 6, Coinbase announced that it is now introducing staking rewards fro all the Tezos holders on Coinbase. This way, each eligible US customer can earn interest on their XTZ investment for depositing as well as holding the token on the platform.
As you probably know if you read our crypto news before, staking is an option that lets customers passively earn income with their crypto by holding the funds in a cryptocurrency wallet – supporting the operations of the token’s network. It is also a concept that makes the underlying blockchain of that asset more secure and efficient.
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In exchange for locking up the assets in a staking wallet, customers are getting rewarded with more assets from the network.
As Coinbase opens Tezos XTZ staking, the institutional asset custody (Coinbase Custody) already launched its staking service for XTZ back in March. At the time, the co-founder of Teos Kathleen Breitman expressed her enthusiasm, stating the following:
“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.”
After the news today, all eligible Coinbase customers holding Tezos on the exchange will be able to collect an estimated return for the Tezos staking of around 5% per holding period of 35 to 40 days. Once the initial holding period completes, they will receive the rewards in their accounts every three years.
As we can see from the Coinbase news before, the exchange has been active in expanding its services for US customers. Tezos staking remains the most recent example. However, in October this year the exchange began allowing the US based holders of USD Coin (USDC) to earn a 1.25% annual percentage yield.
As the most popular exchange in the US, Coinbase has been very active in trying to influence the shape of the digital assets industry as well as its regulatory environment in the country.