Coinbase, Who Controls Over 11% of Tezos, Rolls Out XTZ Staking in the UK, France, Spain, and the Netherlands

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.

In comparison, Binance offers a 6.12% return, OKEx 6.32%, KuCoin 5.49%, Kraken 5.37%, and Gate.io 4.23%, as per StakingRewards.

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.

Tezos (XTZ) Live Price

1 XTZ/USD =$2.6644 change ~ 6.01%

Coin Market Cap

$1.96 Billion

24 Hour Volume

$61.79 Million

24 Hour VWAP

$3

24 Hour Change

$0.1602

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[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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