Coinbase will incentivize its users in the Tezos network. They can enjoy an attractive reward for Tezos staking.
On November 6, Coinbase announced it will enable ordinary users to receive rewards for storing cryptocurrencies on their site. The first asset on the list is Tezos (XTZ). The yield will be 5% yearly.
In short, it will encourage staking certain cryptocurrencies in your wallet for an extended period. You lock your coins and receive a reward.
The Coinbase blog explains, “Staking lets you earn income with your crypto by participating in the network of a particular asset. When you stake your crypto, you make the underlying blockchain of that asset more secure and more efficient. And in exchange, you get rewarded with more assets from the network.”
The exchange launches this mechanism with Tezos (XTZ). The users have to either buy Tezos on Coinbase or deposit it onto the platform’s account.
The users may request a reward every 3 days after the minimum holding period of 35-40 days.
Tezos is now part of the Coinbase Earn program, which educates users about cryptocurrencies. So participants can earn XTZ by performing tasks.
To remind, Coinbase listed Tezos in August 2019.
About Tezos (XTZ)
Great times seem to be coming for Tezos. Following Coinbase’s announced its price went up by 50%.
Tezos, albeit having the most scandalous history and many contradictions, is a decentralized platform of a completely new generation. It has unique features of updating the network and the work of smart contracts.
XTZ’s emerged in the summer of 2017. It is “baked” and not mined.
Eventually, XTZ grabbed the attention of other platforms. Thus, the third biggest exchange OKEx listed Tezos on November 6. This listing opens huge possibilities to XTZ as the coin gets access to the Asian market.
— OKEx (@OKEx) November 7, 2019
Previously, Coinbase was subject to a double flash crash.