Coinbase Introduces Tezos (XTZ) Staking Reward Services to All US Customers

Coinbase opens up a new staking rewards service for Tezos (XTZ tokens) for all eligible US customers to earn directly and will distribute all profits to holders.

Coinbase has recently announced on its blog that all of its users from the United States will be able to receive staking rewards for the tokens that they hold on the company’s wallets.

Tezos (XTZ) will be the first token that will receive official staking support. All Tezos holders will be eligible to claim their staking rewards, which are set to be around 5%. The rewards will be handed out every three days, which is the approximate time of a cycle in the Tezos network.

In case you are not familiar with this consensus method, proof of stake is a consensus protocol that was originally designed by Vitalik Buterin, the creator of the Ethereum network. Instead of mining tokens like in the Bitcoin network, people who use proof of stake methods simply use their own funds to validate the network and receive small rewards.

Before now, only customers from Coinbase Custody were able to stake this cryptocurrency. As only institutional clients were accepted in this category, though, this limited the access of retail users from the country. During the first two months in which Tezos staking was allowed to institutional investors, the revenues generated were around $7,500 to $8,300 USD.

Image courtesy of TBC

The official Coinbase blog mentioned these about the staking rewards:

You can begin earning rewards on your crypto. The current estimated return for Tezos staking on Coinbase is ~5%. You’ll see your pending rewards increase in real-time in the app, and once your initial holding period completes (35–40 days), you’ll receive rewards in your account every 3 days.

and

You will always maintain control. Your Tezos always stays in your wallet; you just earn rewards while keeping your crypto safely on Coinbase. You can opt out any time you want.

In the future, the company is ready to expand the staking rewards and also list other tokens that can be used in the system. However, the name of no other token that will receive rewards was divulged in the blog post.

Live Tezos (XTZ) Price:

1 XTZ/USD =$2.9771 change ~ -2.53%

Coin Market Cap

$2.12 Billion

24 Hour Volume

$42.89 Million

24 Hour VWAP

$3

24 Hour Change

$-0.0754

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Gabriel Machadohttps://bitcoinexchangeguide.com/
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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