Coinbase launches waitlist for Ethereum 2.0 staking rewards

Crypto exchange Coinbase has today opened up a waitlist for Ethereum 2.0 staking rewards after initially announcing support last November.

Coinbase said Tuesday that its customers will be able to earn up to 7.5% per annum staking rewards for holding ether (ETH). The rewards include a 25% commission, meaning the net returns for customers will be lower by that percentage.

Besides staking rewards on ETH, Coinbase will also allow trading for any staked ETH "in the coming months." This would be an essential feature since staked ETH remains locked and cannot be withdrawn until phase 1.5 of Ethereum 2.0 goes live, sometime in 2022.

When asked when the Eth2 staking service will go fully live, a Coinbase spokesperson told The Block: "Very soon." The waitlist isn't open for New York residents. 

More people are staking their ETH holdings to earn rewards, as The Block reported last week. Thus far, more than 3 million ETH, worth more than $5.2 billion at current prices, has been deposited in the Eth2 staking contract.

With Eth2, Coinbase now supports three coins for its staking rewards service, including Tezos and Cosmos.