Coinbase opens Tezor staking to US customers
More trading options are coming for crypto enthusiasts
Expansion news out of the online currency world comes from Coinbase and their new option to stack Tezos (XTZ) in its wallet. The company made an announcement of this brand new introduction to the market of currencies they will work with yesterday, and now all Tezos holders located in the US can opt to use Coinbase for depositing and saving their assets as well as getting some interest accumulated in return.
Staking is a term commonly referred to in the crypto world as the action to stack one’s assets in a specific wallet in exchange for getting benefits, like earning interest, which means more assets to the user. The reason companies like Coinbase are adding extra benefits to hold their customer’s funds is a way to have support for their new operations in the network for that specific currency. By having a good stack of Tezos or any other currency to back up, makes the primary blockchain more secure and very efficient.
The institutional asset custody arm of Coinbase, Coinbase Custody, previously launched its staking service for Tezos in March. Kathleen Breitman, one of the Tezos founder said back then, “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.” As of today, Coinbase users can choose to hold their Tezos on the exchange and will reward with a return of 5% after 40 days of lending the funds. After the initial period is finalized, the rewards will be deposited into the user’s account every three days.