Over 6 months back, Coinbase launched Tezos staking for its US customers and now they are rolling this feature out for its users in the UK and other EU member countries including France, Spain, and The Netherlands.
“With yields on savings accounts and government bonds at record lows — and in many cases negative — in the UK and across Europe, staking offers our customers a simple way to earn rewards on assets,” said Rhea Kaw, Product Manager.
In its official announcement, Coinbase pitched that staking Tezos on your own or via a delegated staking service can be confusing, complicated, and even risky.
This is where Coinbase comes in, which allows its users to have an estimated annual return of 5% with an initial holding period of 35-40 days.
Coinbase stakes Tezos on behalf of its customers and since the US launch of staking rewards, its customers have earned more than $2 million in Tezos staking rewards.
The US-based exchange currently controls over 11% of the Tezos network consensus with 74.4 million XTZ staked at Coinbase. The amount of XTZ staked on it grew +13% month-over-month (+8.2M tez) in May.
In May, the amount of Tezos staked reached a new all-time high of 80.1% of its all circulating supply. A spike in staking means the staking yield has fallen to its all-time low of 0.94%.
The tenth-largest cryptocurrency by market cap, Tezos is currently trading $2.86, up over 6.20%. In 2020, so far, the digital asset has recorded returns of +115%.
Since Tezos staking was first launched on Coinbase, the digital asset has spiked over 200% in value.