Tezos Price Surges After Coinbase Custody Launches XTZ Token Staking Support

Tezos (XTZ) has registered a price increase of more than 60% in the last days after being supported by Coinbase Custody as the first cryptocurrency investors would be able to stake in their platform. Although the market is seeing how many altcoins are surging, Tezos seems to have performed very positively.

Tezos Surges After Coinbase Custody Support

Since March 10, Tezos has registered a price increase of 158%. Since Coinbase announced it was supporting Tezos as a staking currency, the digital asset increased its price more than 65%. In the last 24 hours, the cryptocurrency grew over 17%. Tezos became also the best performing digital asset among the top 80.

Trading volumes have also grown for Tezos. At the time of writing, according to CoinMarketCap, Tezos registered a volume of $8.6 million and it has a market capitalization of $720.6 million.

Coinbase Custody announced a few days ago that users would be able to stake their XTZ cryptocurrencies and earn annual returns on the funds they have placed in the platform. Users will not only be able to participate in running the Tezos blockchain but they will also be able to participate in votes and other things.

At the same time, Coinbase informed users that the funds will be secured in fully-insured cold storage wallets. At the same times, Coinbase will be issuing necessary bonds to Tezos validators from its funds. That means that users will have 100% their funds secured.

This shows that investors are starting to purchase XTZ tokens and this is why the digital asset has been performing positively in the last few days. Currently, each XTZ coin can be purchased for $1.08.

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