Coinbase adds support for staking Solana

Quick Take

  • Solana is now the seventh token that can be staked on Coinbase. 
  • Coinbase deals with the node set-up process and other technical details, making staking more accessible to everyday retail users.

Crypto exchange firm Coinbase has expanded its staking reward offerings to include Solana. 

The minimum starting balance a user needs to start staking Solana is $1. Payouts occur every seven days. 

Previously, tokens that could be staked on Coinbase included Ethereum, Algorand, Cosmos, Tezos, Dai and Cardano. Adding Solana means users can streamline how they stake their tokens and earn rewards using Coinbase’s platform, according to a Wednesday blog post. 

In order to stake Solana, a Coinbase user must have their identity validated on the platform and reside in a location in which staking is allowed, as stipulated in the firm’s support page. 

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