Coinbase Launches Staking Program For Cosmos, ATOM Holders Can Earn 5%

Coinbase adds staking capabilities on ATOM, Cosmos’ native blockchain token, becoming the second project after staking-based Tezos (XTZ).

In a blog post released on Wednesday, Coinbase introduced staking on ATOM, promising up to 5% return per annum on the value staked. The Cosmos Staking Reward will be available to select customers across 48 states in the U.S and across Europe, including the U.K., Netherlands, Belgium, Spain, and France.

This is an automatic process generated by Coinbase. Users only need to deposit ATOM or buy the tokens directly on the exchange to start earning rewards. At launch, ATOM rewards will be distributed every seven days – Tezos (XTZ) rewards are distributed every three days.

‘Coinbase is always looking for ways to enable easy and secure participation in the crypto-economy,” the statement reads.

Cosmos is a proof-of-stake (PoS) blockchain that allows users to “stake” their tokens to participate in the governance of the network and receive rewards in the process. The blockchain provides interoperability across blockchain and their native tokens.

A spokesperson from Coinbase to The Block states ATOM staking will charge a commission of 25% is lower than that of XTZ. The latter offers a 15% annual return being the only staking platform on the exchange before ATOM joined. Since launching in Q4 2019, Tezos holders have received more than $2 million in rewards from Coinbase.

Coinbase stated they would be adding more tokens to its staking program in the future.

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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[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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