- Coinbase Opens Tezos Staking to All US Customers; will reward the Hodlers.
- Tezos price saw a whopping 30% spike since the announcement of Coinbase staking support
Coinbase Cryptocurrency Exchange announced early Nov 7, 2019, that it will reward the US Tezos Hodlers. The exchange has implemented this “Proof-Of-Stake” to make the underlying blockchain of that asset more secure and more efficient. In return, the hodlers will be rewarded in crypto directly to their accounts.
As of now, staking annual returns is estimated to be 5% for eligible customers. The blog has cleared that the returns can vary based on the network statistics. Moreover, users will have full control over their cryptos as they will be stored in their Coinbase wallet. They can opt-out of the staking at any time.
Additionally, Coinbase has also started the Coinbase Earn Tezos campaign. Customers can earn XTZ simply by answering Tezos related queries. These XTZ coins can be further stored in their Coinbase wallet to earn staking rewards. It’s a Win-Win situation for both.
Tezos price spiked by 30%
Immediately after the announcement, customers made a beeline to Coinbase to purchase XTZ and increase their holdings. This caused quite a stir in the crypto market. The Tezos price saw a 30% price hike within hours. XTZ was trading at $0.94 by Nov 6 end. However, the price graph increased to $1.39 in the wee hours of Nov 7.
As of writing, XTZ is trading at $1.14 USD i.e. (at 25.97% against USD). The XTZ/BTC trading also shows remarkable growth. XTZ is trading at 0.00012266 BTC (26.70%) as per the Coinmarketcap report.
Coincidentally, Coinbase saw a 70% surge of Tezos purchase on its platform.
Tezos staking on Coinbase comes as a lucrative revenue stream for the company as the customer base of the exchange is bound to increase. Both the customers and the exchange can reap benefits out of this staking scheme.
Do you think that this could benefit other PoS cryptocurrencies as well? Do share your views with us.