Victor Ugochukwu · Dec 14, 2020 . 5min read
Crypto Exchange Coinbase grants staking rewards for Cosmos token
Crypto exchange Coinbase is offering rewards for staking Cosmos (ATOM) token through its platform, thus users can earn 5% APY by staking.
By Komal Joshi · Sep 30, 2020 . 5min read
Crypto exchange Coinbase is now granting rewards for staking ATOM, the native token of the Cosmos blockchain network. Coinbase announced today that eligible users can now earn 5% APY on their Cosmos (ATOM) held on the platform. Moreover, ATOM is the second token Coinbase supports for staking rewards, after Tezos (XTZ).
The declaration accompanies the launch of staking rewards for Tezos (XTZ), made accessible to consumers in the U.S, U.K, France, Spain, and Netherlands back in May. XTZ staking was launched on November 6, 2019, and according to the exchange, it has allocated millions of dollars of Tezos rewards to its customers.
Nevertheless, Coinbase has interpreted that Cosmos Staking Rewards will be available in Belgium, asides from the U.S, U.K, France, Spain, and Netherlands. Users can buy an ATOM or deposit ATOM into their Coinbase account. Moreover, after depositing the ATOM coins, they start creating rewards.
One ATOM Balance is adequate for Cosmos Staking.
About the terms and conditions for Cosmos staking, the least balance required is just 1 ATOM, and the distribution of rewards will happen every seven days. The exchange recently provides 5% APY for staking. Consumers have to do nothing to begin Cosmos staking on Coinbase. If they are qualified, they will automatically opt-in. They can also opt-out if they do not desire to stake their ATOM. Moreover, staking is only accessible at Coinbase.com. Coinbase Pro does not support staking.
With this move, Coinbase has attached yet another European Union market to its domain. This development could emerge from the European Central Bank’s recent announcement of a Digital Finance Package that simplified crypto-companies’ and traders’ regulations. Moreover, a significant upgrade to Cosmos Network, Stargate, is also coming soon. Stargate is a set of upgrades that conclude the original roadmap laid out in the Cosmos Whitepaper. However, blockchains developed by this update will connect by utilizing the first standardized protocol for inter-blockchain communication (IBC).
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