Coinbase expands Tezos staking service in UK and three European countries

Exchanges • May 28, 2020, 12:00PM EDT
UPDATED: May 28, 2020, 12:20PM EDT
The Block

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.

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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.

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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.

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