Coinbase’s waitlist to earn staking rewards with ETH2 is live. Coinbase customers can now sign up to stake their ETH into the Beacon Chain smart contract. Staking allows customers to earn a yield of up to 7.5% for simply holding ETH2.
Beacon Chain will do away with proof-of-work mining in favor of staking. Typically, you need 32 ETH to run a validator node for Ethereum’s new blockchain, but Coinbase will allow their users to stake any amount of ETH in their account.
Coinbase’s customers will not be able to sell or send the portion of Ethereum that they choose to stake. However, the exchange will offer a way to trade any staked Ethereum in the coming months.
“We initially announced our support for ETH2 last fall, and we’re excited to be one step closer to delivering on our promise. We first started offering staking rewards in 2019 with Tezos, and then Cosmos last year. The ability to earn rewards, simply by holding cryptocurrencies, is made possible only with crypto-based financial services.” the exchange said.
Besides Coinbase, Kraken, Binance, Huobi, Okex exchanges also stake ETH on behalf of their customers and are actively depositing ETH into Ethereum 2.0’s Beacon Chain contract.
Read more:
- ETH 2.0 Transforms Ethereum Into The Blockchain, But What About ETH The Asset And The Affected On Ethereum Price?
- The Initial Phase Of The ETH 2.0 Multi-Stage Launch Will Begin On December 1, Will Ethereum Price Be Affected?