U.S.-based cryptocurrency exchange and digital asset custodian Coinbase announced today the expansion of its Tezos (XTZ) staking service—previously exclusive to institutional investors—to all U.S. retail customers. Following the news, XTZ surged by 40% intraday.
From Institutional to Retail Adoption
According to Coinbase's official announcement, the platform will now enable staking rewards for all Tezos (XTZ) holders. Eligible U.S. users can lock their XTZ tokens via Coinbase to earn passive income.
Staking allows participants to earn rewards by delegating tokens to support blockchain consensus. This mechanism benefits both token holders (through additional yields) and the network (by enhancing security through broader participation).
👉 Why Tezos staking is gaining traction among crypto investors
Coinbase Custody, the exchange’s institutional arm, first launched XTZ staking for institutional clients in March 2023. Kathleen Breitman, Tezos co-founder, remarked:
"Tezos staking via Coinbase Custody addresses a critical need—secure, offline institutional custody playing a vital role in network participation."
With this retail expansion, estimated annual staking rewards stand at 5%. Users can track pending rewards in real-time via the app, with payouts distributed every 3 days after an initial 35–40 day holding period.
As the largest U.S. exchange, Coinbase continues to shape the digital asset landscape. Earlier in October 2023, it introduced a 1.25% APY for USDC holders.
FAQs
1. What is Tezos (XTZ) staking?
Staking involves locking XTZ tokens to validate transactions on the Tezos blockchain, earning rewards in return.
2. How do I stake XTZ on Coinbase?
Hold XTZ in your Coinbase account—rewards are automatic with no additional steps.
3. What’s the minimum staking amount?
Coinbase currently imposes no minimum XTZ balance for staking.
4. Are staking rewards taxable?
Yes, U.S. taxpayers must report staking rewards as income.
👉 Explore top staking opportunities for 2023
Market Impact and Future Trends
The retail staking rollout underscores Coinbase’s strategy to democratize crypto financial services. Analysts anticipate similar offerings for other proof-of-stake (PoS) assets, further bridging institutional and retail markets.
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