Coinbase now offers staking rewards for Cosmos token

Crypto exchange Coinbase is now offering rewards for staking ATOM, the native token of the Cosmos blockchain network.

ATOM is the second token Coinbase supports for staking rewards, after Tezos (XTZ). The exchange said customers in select jurisdictions — the U.S., the U.K., France, Spain, Netherlands, and Belgium — could start earning a 5% return per annum for staking ATOM.

Coinbase charges a 25% commission for staking ATOM, the same as for XTZ, a spokesperson of the exchange told The Block. "We take a commission on all rewards received, and the return rate for our customers reflects this commission," the spokesperson explained. 

Despite charging a higher commission, Coinbase is the biggest Tezos staking service, as The Block reported recently. Coinbase said it has distributed more than $2 million worth of Tezos rewards to customers since the service was first launched in November 2019.

ATOM staking rewards would get credited every seven days, while XTZ rewards get credited every three days.

Looking ahead in the coming year, Coinbase said customers could expect to see more tokens being supported for staking rewards.