Analysis

A look at Coinbase Custody and its staking service

Quick Take

  • Coinbase Custody is currently staking the equivalent of $4,223,542 worth of Tezos
  • When looking at these funds closely we can see that only six accounts are responsible for all Tezos delegated to Coinbase Custody
  • In two months of operation, Coinbase Custody has generated somewhere between $7,580-$8,324 in Tezos rewards

Coinbase Custody launched its staking service for institutional clients in late April which allowed clients to tap into rewards offered by certain types of digital assets running on proof-of-stake networks. Tezos was the first network supported and remains the only PoS coin available for staking rewards. While its staking service is still in its infancy and more networks are expected to be supported, we are going to take a look at how its staking service has fared during its first two months of existence.