Coinbase expands staking service beyond Coinbase Custody to all US customers
November 6, 2019, 2:37PM EST
1 min read
Coinbase, the cryptocurrency exchange, announced in a blog post that it is now offering staking services for all U.S. customers, starting with Tezos.
Customers holding any Tezos held on the exchange will be eligible to collect staking rewards of approximately 5%. Customers would receive rewards roughly every three days, which is the time it takes for a Tezos cycle in which new rewards are collected.
Previously, Coinbase Custody had announced a staking service for its Institutional Clients where its clients were able to stake Tezos. The Block previously estimated that Coinbase Custody had generated approximately $7,580-$8,324 in revenue from Tezos rewards during its first two months in operation.
A Coinbase representative told Wired that the exchange plans on expanding its staking rewards beyond Tezos to other networks that have adopted proof-of-stake systems.