Coinbase Adds Support For Tezos Cold Storage Staking

By Prashant Jha

Coinbase has hired Luke Youngblood last month in order to head a new staking and governance product on the Coinbase Custody network. It looks like Luke’s hiring has started to bear fruits as Coinbase has announced the addition of cold-staking of Tezos tokens and likely many more altcoins might get added to the list according to a tweet by Blockforce Capital CEO Eric Ervin.

The coinbase website has already been updated to accommodate the latest feature of staking services along with several other changes. if a user clicks on the ‘Network Participation’ tab, it reads, “Staking makes it possible to earn passively against your holdings — all without moving anything from offline storage”

The news comes after Coinbase has successfully tested its first over the counter custody trade directly from the cold storage. The cold-storage trade was made after the custody services were integrated directly with the OTC desk at Coinbase Pro.

Surprisingly Tezos is not available for trading on any of the coinbase’s platform, but back in August last year, Coinbase did tease the idea that it might be looking to add Tezos to the network.

The addition of Tezos on the Coinbase’s staking and cold-storage is going to help the token gain some upward movement, not that it is performing badly, actually, Tezos has been roaring in the past month with a total monthly gain of 90% and an upward movement in the last 24 hour has been 6% taking its prices to $ 0.8068, giving the coin a $536.7 million market cap.

How Would Staking Services Work?

Cold-storage staking services have been quite popular in the crypto space and it was only a matter of time before Coinbase joined the list. Any user can stake their Tezos token in a cold-storage and they would gain bounty or interest on their staked coins depending on the quantity and the time frame the coin has been staked.

Since the services have already been updated on the main website, it is only a matter of time before Coinbase comes out with an official announcement and also explaining various aspects of the newly added services. The announcement would not just help the Coinbase network to add more user base especially those interested in staking services, but it would also impact on the prices of Tezos, which has been fairing quite well on its own.