Coinbase Custody has unveiled staking services and effective governance for Cosmos (ATOM) and Algorand (ALGO) tokens.
Notably, Coinbase Custody enables its clients to earn rewards through staking activities and voting. This allows users to enjoy the benefit of associating with tokens and earn rewards without having to put their funds at risk while staking.
Coinbase Custody helps you get more out of your assets. Clients now have the ability to use their Cosmos ($ATOM) assets stored with Coinbase Custody to earn rewards through staking without having to put their funds at risk. https://t.co/nSpkBN256n
— Coinbase Custody (@CoinbaseCustody) May 20, 2020
With the new addition, Coinbase Custody now offers staking services for Tezos (XTZ), ATOM, and ALGO. Currently it is also the largest operator of a Tezos staking validator. Last month, it had announced staking support for Polkadot’s DOT token holders as well.
According to an official blog post, the new addition would help secure the network thanks to Cosmos’ design that enables improving the interoperability between other blockchains.
“Staking is an important ecosystem trend and we are committed to helping our clients get the most out of these types of assets,” the post explained.
Additionally, the platform noted that clients would now be able to choose how much they would like to stake and whether to delegate to Coinbase Custody or a third-party validator. Also, clients would now be able to enjoy an easier user interface to begin staking their assets.
Other platforms venturing into staking support
Notably, many platforms have recently shown interest in offering staking services, with Binance.US and Bitfinex also venturing into staking support.
Binance currently supports over 15 coins, namely, Tezos, Cosmos, Algorand, EOS, amongst others, while Bitfinex supports Cosmos, EOS, and V.Systems. Also, other platforms worth mentioning include GXChain, Harmony One, Elrond, and Waves.
Algorand to end fraud in insurance
In other news, Algorand recently teamed up with Attestiv, a blockchain-based tamper-proof media verification platform. Together, they aim to cut down instances of fraud within the insurance industry.
Today we're excited to announce @Attestiv_Inc will be leveraging Algorand's tech to enable digital transformation across the #insurance industry! Using #AI to validate digital media on our #blockchain, stakeholders will benefit from a reduced risk of fraud https://t.co/w70jf8fBpH pic.twitter.com/5xjDKjS79Y
— Algorand (@Algorand) May 20, 2020
According to reports, the two parties would combine their technologies to create a single platform. It would work as a verification point for all stakeholders in the insurance space such as insurers, customers, repair vendors, and also carriers.
Alogrand COO Sean Ford expressed his excitement with the new partnership noting that the insurance industry was disruptive and needed innovation. “We are excited to welcome the Attestiv team to the Algorand ecosystem. And also help them to transform the insurance industry,” he said.
On his part, Attestiv chief executive, Nicos Vekiarides, mentioned the connection between the two firms through the Boston Blockchain Association. He also noted that their collaboration would end many redundancies in the maintenance of records in insurance.
Last year, Algorand had partnered with IBMR (International Blockchain Monetary Reserve) to launch a microfinance platform.