Tezos (XTZ) Surges as Coinbase Launches Staking Support

original via Coinbase.com

San Francisco-based Coinbase announced Wednesday that it will now be offering staking rewards for Tezos (XTZ) held on Coinbase by eligible users in the United States.

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.

More: Introducing Staking Rewards on Coinbase

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.

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