Institutional clients of Coinbase will likely enjoy staking service with Coinbase custody’s latest listing announcement of Tezos (XTZ). Tezos listing on Coinbase Custody revealed after newly hired Luke Youngblood discusses on staking and governance products.
*** Luke Youngblood was the ex-Tezos developer who announced Network participating program to Coinbase custody, starting with Tezos. Nevertheless, he helped Tezos Foundation in staking infrastructure and now introducing a similar concept to Coinbase Custody.
Capturing Institutional Clients
Coinbase custody will soon allow institutional clients to stake Tezos and earn rewards when it is in cold storage. This could be the first biggest move by Luke Youngblood which might have a positive influence towards institutional investors across the crypto market. However, the news was leaked by a Twitter user Eric, which later followed by Coinbase’s official website.
— Eric Ervin (@eervin1) March 29, 2019
Among the various cryptocurrencies available in the market, Tezos is the first choice of Coinbase custody – it means that with Tezos proof-of-stake (PoS) network, clients can now stake XTZ token and earn return on it (following company fees deduction) – nevertheless, the firm expecting an annual return could count around 6.6 percent.
Accordingly, Coinbase custody official website has made some changes and inserted a new section called ‘Network Participation’ with a listing screenshot of Tezos. Just to remind, Tezos is not actually listed on Coinbase’s platform for trading but available on Coinbase custody. In fact, now letting institutional investors earn a reward. It reads that;
Staking makes it possible to earn passively against your holdings – all without moving anything from offline storage.
With a quick announcement, Tezos took a new turn and spotted on the 19th largest spot on Coinmarketcap. Per the data, Tezos or XTZ is up with 11.38 percent within a couple of hours. Additionally, the average trading volume counts $550,822,250 wherein it trades at the value $0.832243 against US Dollar.
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com