Coinbase Custody expands Tezos staking service to all global clients

Custody • November 22, 2019, 6:50AM EST

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Coinbase Custody, the cryptocurrency exchange’s storage unit, has expanded its Tezos (XTZ) staking service to all global clients.

Announced Thursday, Coinbase Custody said it is transitioning to an internationally-based staking service, where all of its global clients can have access to the service.

Initially only available for institutional clients, the staking service was recently extended to all U.S. customers of Coinbase Custody and now it has been made available to all investors globally.

Coinbase Custody currently allows staking for only Tezos (XTZ) cryptocurrency, offering rewards of around 5%. It first launched the service in late April. In July, The Block reported that the firm had generated an estimated revenue of $7,580-$8,324 from Tezos rewards during its first two months in operation.

Looking ahead, Coinbase Custody is said to be launching staking service for more cryptocurrencies and blockchain networks that utilize proof-of-stake systems.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.