Coinbase Custody Launches CELO Staking In Collaboration With Bison Trails

The famous San Francisco-based cryptocurrency exchange Coinbase’s custodial arm Coinbase Custody is now offering staking services for CELO the native utility and governance token of the open-source platform Celo. Users can now start staking their CELO tokens in order to earn interest or dividends.

Coinbase Custody has tapped the blockchain infrastructure provider Bison Trails for launching the staking service for CELO, as per an official announcement. Coinbase Custody has extended its integration with Bison Trials after noticing massive interest from cryptocurrency investors who want to earn annual interest and rewards by staking their digital asset holdings.

The Head of Coinbase Custody Sam McIngvale said in a statement while commenting on the launch of staking service for the CELO token, “the extension of the Bison Trails’ integration with Coinbase Custody to include CELO represents a growing interest for effortless ways to stake on new networks among institutional investors.”

Users can now deposit and store their CELO tokens and earn interest or dividends on these token holdings without moving away from the interface of Coinbase Custody. That is a great opportunity provided by Coinbase Custody for the holders of this governance token who look to stake their coins. On the other hand, through this service, Bison Trails will let CELO token holders to custody their tokens offline while allowing them to delegate the stake to the validator of the company. Or they will also have the opportunity to operate their own validators.

Chief Executive Officer (CEO) of Bison Trails Joe Lallouz said that their main focus is to reduce the barriers that individuals face while taking part in blockchain networks. Adding more to it, Lallouz said that they are making better the staking experience of users in a secure way by expanding their integration with Coinbase Custody.

Coinbase Custody is not new to the field of cryptocurrency staking. Prior to launching staking support for CELO, it had launched a staking service for XTZ the native digital token of the Tezos blockchain back in the year 2019.

Moreover, the US-based crypto exchange Coinbase is not the only one that offers staking services to users but the world’s leading digital currency exchange by trading volume Binance also entered into the field of cryptocurrency staking last year.