Big News for Tezos Holders
Coinbase, the cryptocurrency exchange that makes some future millionaires out of regular folks (and occasionally makes millionaires nervous), has just upped the stakes—literally. As of November 6, eligible U.S. customers can now earn rewards for staking Tezos (XTZ) on the platform. So, if you’ve got XTZ sitting around like an old video game console you just can’t seem to throw away, now’s your chance to make it work for you!
What is Staking and Why Should You Care?
Staking allows cryptocurrency holders to earn a passive income just for holding their tokens. Picture it as putting your money in a high-yield savings account, but instead of the bank, you’re helping to secure the future of a digital platform. For Tezos holders, this means an estimated return of around 5% over a holding period of 35-40 days. So, it’s like the convenience store process—one in, one out, with a little extra on the side.
The Details: Getting Started
Now, before you get too excited and start seeing dollar signs, here’s the nitty-gritty: once your initial holding period is complete, rewards will be credited to your account every three days. Yeah, you read that right! It’s like a mini payday every few days, but without the awkward interaction with your boss.
Coinbase and Institutional Moves
With Coinbase Custody beginning its staking journey for Tezos back in March, it seems like the folks at Coinbase are placing their bets on this crypto unicorn. Kathleen Breitman, the co-founder of Tezos, remarked on this institutional opportunity, emphasizing the need for secure custodians in the crypto realm.
Coinbase Keeps on Expanding
This isn’t a one-off event. Coinbase has been on a crusade to enhance its service offerings and make things more fruitful for its U.S. users. Just last month, they introduced a way to earn 1.25% annual percentage yield for USD Coin (USDC) holders. It’s like watching a TV show that keeps getting better every season!
The Future of Currency in the U.S.
As Coinbase continues to innovate, the conversation around digital currency in the U.S. becomes even more tantalizing. Coinbase’s legal chief, Brian Brooks, recently tossed around the idea that the private sector should take the reins in creating a U.S. digital dollar. His argument? Let the private entities develop the tech while the government focuses on keeping a balanced monetary policy. Sounds like a plan, doesn’t it?
Final Thoughts
Coinbase’s expansion into Tezos staking is a significant move for both the exchange and users keen on growing their crypto portfolios. So, if you’ve got some idle XTZ, jump in and let it work for you while you sip that coffee or plan your next investment strategy!
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