Tezos (XTZ) Surges as Coinbase Launches Staking Support
2/5 Staking is a way to earn income by participating in asset networks such as Tezos. The current estimated annual return for Tezos staking on Coinbase is ~5%.
— Coinbase (@coinbase) November 6, 2019
According to the announcement, users can earn an estimated annual return of 5% for staking their XTZ on Coinbase, with rewards visible in real-time on the app following the initial holding period (35-40 days) and payouts every 3 days.
“With today’s launch, Coinbase is offering an easy, secure way for anyone to actively participate in the Tezos network,” states Coinbase in the announcement. “While it’s possible to stake Tezos on your own or via a delegated staking service, it can be confusing, complicated, and even risky with regard to the security of your staked Tezos. We’re changing that with staking rewards on Coinbase.”
The announcement appears to have come at a good time for XTZ, likely aiding in Wednesday’s breakout that saw the Tezos soar from below $1.00 to as high as $1.61 on Coinbase before pulling back.
XTZ is currently up 36.5% on the day to $1.24, giving the altcoin an $866.1 million market cap.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.