Coinbase is for the first time allowing general users to earn rewards by simply holding cryptocurrency, starting with the Tezos (XTZ) token.
Tezos uses an alternative consensus mechanism to proof-of-work mining – the system built into the largest cryptocurrency by market cap, bitcoin. Called proof-of-stake, the alternative mechanism rewards network users for holding onto its coins and thereby helping protect the network.
Coinbase’s 5 percent estimate is based on Tezos’ last 90 days of staking returns. The firm also notes that there’s an initial holding period of 35–40 days, after which stakers will start to see rewards appear in their accounts every three days.
The exchange has also added Tezos to Coinbase Earn, a program aimed at educating the public about crypto, and will give out XTZ to participants completing educational videos.
Coinbase soft-launched staking for both Tezos and decentralized finance token Maker (MKR) this March on Coinbase Custody.
As Coinbase wrote at the time, Coinbase Custody primarily serves institutional clients holding large amounts of crypto. This latest initiative brings staking to even the smallest of Tezos holdings, however.
Coinbase also recently rolled out 1.25 percent interest on users’ holdings of the dollar-pegged stablecoin USDC.
Bitcoin (BTC) Crosses 55k And Is Heading Towards 60k Fast!
Less than two months into 2021, the price of bitcoin has risen 95.4%.
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Cardano founder, Charles Hoskinson speaks on the future of Bitcoin and taking profits
Charles Hoskinson has always been a huge advocate for decentralized finance and building a network that could provide solutions to the problems with our current financial and banking systems. In this recent AMA Charles speaks out on his view about the issues that Bitcoin faces as well as reminding everyone that cryptocurrency isn’t all about taking profits.
Despite Charles Hoskinson open criticisms of Bitcoin he does say:
“I would still be working on Bitcoin if Bitcoin could evolve”
Tesla buys $1.5 billion in bitcoin, plans to accept it as payment. BTC skyrockets to 44,000!
- Tesla announced in an SEC filing Monday that it has bought $1.5 billion worth of bitcoin.
- The company also said it would start accepting bitcoin as a payment method for its products.
- CEO Elon Musk has been credited for raising the prices of cryptocurrencies, including bitcoin, through his messages on Twitter.
Tesla announced Monday it has bought $1.5 billion worth of bitcoin.
In a filing with the Securities and Exchange Commission, the company said it bought the bitcoin for “more flexibility to further diversify and maximize returns on our cash.” Tesla also said it will start accepting payments in bitcoin in exchange for its products “subject to applicable laws and initially on a limited basis.” That would make Tesla the first major automaker to accept do so. (The $1.5 billion worth of bitcoin will give Tesla liquidity in the cryptocurrency once it starts accepting it for payments.)
After this announcement BTC shot up to 44k!