Coinbase Introduces Staking Rewards on Tezos

Coinbase is now offering an easy, secure way to earn staking rewards on Tezos

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Coinbase has been on a roll lately – focussing on different ways for customers to earn rewards by holding crypto. Today, in a blog post, they announced staking rewards on every Tezos (XTZ) held on Coinbase by eligible US customers.

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What are the eligibility requirements for staking? 

  • You must have your identity verified 
  • You must live in the US (New York and Hawaii residents are not eligible)
  • You must have the minimum balance needed for that specific cryptocurrency. You can either purchase or maintain the minimum balance on Coinbase or transfer that cryptocurrency from an outside wallet or exchange.
  • You must hold the eligible cryptocurrency on Coinbase.com (staking is not available on Coinbase Pro) 

Coinbase now stakes Tezos on behalf of customers and distributes rewards directly to customer accounts.

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Coinbase: Staking Rewards

Staking lets you earn income with your crypto by participating in the network of a particular asset. When you stake your crypto, you make the underlying blockchain of that asset more secure and more efficient. And in exchange, you get rewarded with more assets from the network.

Coinbase is offering an easy, secure way to actively participate in the Tezos network. While it’s possible to stake Tezos on your own or via a delegated staking service, it can be confusing, complicated, and even risky with regard to the security of your staked Tezos. Coinbase says they are changing that with staking rewards on Coinbase.

tezospicWith Coinbase staking rewards:

  • 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.

The return rate stated by Coinbase is a projection based on the rewards they have generated over the past 90 days. The Tezos network sets the underlying return rate depending on the number of staking participants and Coinbase distributes the return to customers and keeps a portion as commission.

To get started, simply buy Tezos on Coinbase or deposit Tezos to your Coinbase account from an external wallet, and you’ll start earning rewards immediately.

Starting today, eligible customers in all Coinbase supported countries can also participate in the Coinbase Earn Tezos campaign. Customers can earn a bit of Tezos simply by learning about the token and taking a few quizzes. Through Coinbase Earn, clients can earn up to $6 of Tezos, which Coinbase can then start staking on your behalf.

You can learn more about staking rewards on Coinbase at coinbase.com/staking.

You can sign up for a Coinbase account here and download the iOS or Android app to start earning staking rewards today. For eligibility criteria, please visit  their support center.

 

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About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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