Coinbase, one of the most popular cryptocurrency exchanges in the world, has just announced that it will be opening up Tezos staking to its users in the United States.
According to a blog post from the US-based exchange, the platform will stake Tezos “on behalf” of its customers and then provide the staking rewards directly to user wallets.
However, this accessibility comes at a price. According to Wired, users who stake their Tezos normally receive an 8% return on their investments. Coinbase takes some percentage off of that, meaning users will only receive 5% of their total investment if they use this exchange.
That said, many users might not worry about that, as the convenience offered by Coinbase here is especially great. Nobody needs to go in and learn how the process works, the platform will do it all for them.
Streamlining the Staking Process
The blog post states the following criteria that users will see when using Coinbase’s staking process:
- “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.
- 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.”
On top of this, Coinbase’s “Earn” program allows users to earn up to $6 in the asset for free just by learning about how it works. To do so, log into your Coinbase account and navigate to the Earn tab to get started.
