Coinbase Custody adds Maker governance support

Custody • October 11, 2019, 11:31AM EDT
The Block

Nearly six months after launching its cryptocurrency staking service, Coinbase Custody has announced staking support for MKR, MakerDAO's native asset.

Clients that hold MKR can now participate in MakerDAO's governance directly on Coinbase's custodial platform. According to Coinbase, crypto asset managers typically have to withdraw their funds from custody providers to participate in on-chain governance, adding risks such as loss or theft. 

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The next major MakerDAO governance vote is for Multi-Collateral Dai, which will take place Nov. 15.

MKR's addition brings the number of assets supported by Coinbase Custody staking to two. The firm originally started off offering XTZ staking support for the Tezos blockchain. In July, The Block estimated that in two months of operation, Coinbase Custody generated somewhere between $7,580-$8,324 in XTZ rewards on behalf of its client. According to TzScan, Coinbase Custody makes approximately 0.53% of the total number of XTZ currently being staked on the Tezos network.

About Author

Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi