Coinbase has expanded its Tezos (XTZ) staking service to the U.K., France, Spain and The Netherlands.
The move will allow Coinbase users in these countries to earn XTZ staking rewards of around 5%. The initial holding period to earn returns is about 35–40 days, and after that, rewards get credited every three days.
Coinbase's U.K. and European expansion comes after the firm extended its Tezos staking service to all U.S. customers in November. The service was initially available only for institutional clients.
Coinbase said today that customers had earned over $2 million in Tezos staking rewards since launching the service in the U.S.
Coinbase is the largest operator of a Tezos staking validator, despite charging higher fees at 25%. Kraken and Binance follow Coinbase, and together they all account for around 19% of all XTZ that is currently being staked, according to The Block's research findings published last month.
Coinbase launched staking services for Cosmos (ATOM) and Algorand (ALGO) tokens last week. Several firms are now offering staking services, including exchanges, venture firms and custodians.