Coinbase, one of the leading digital currency exchanges in the world, has announced the staking support for the native cryptocurrency of the Cosmos blockchain, ATOM. Eligible users can now stake their ATOM tokens on the platform of the Coinbase exchange and then they can earn interest on it annually.
Earn 5% Annually on Cosmos (ATOM) holdings
Cosmos’ native token ATOM has also been included in the staking rewards program of the Coinbase exchange. As per the announcement made by Coinbase, Users have been given the opportunity to earn 5% annually on their holdings of ATOM token beginning from Tuesday. However, only those users who are present in the United States, the United Kingdom, Spain, France, Belgium, and The Netherlands, are eligible for staking. These are the countries where Cosmos Staking Rewards is available at the moment.
Customers can store their ATOM tokens securely on Coinbase and they can trade or withdraw their tokens and rewards whenever they desire.
Users will be able to receive their ATOM rewards every seven days and for staking their ATOM tokens, the company will charge them a commission of 25%.
The San Francisco-based cryptocurrency exchange firstly launched the staking of the native cryptocurrency of the Tezos blockchain XTZ after it introduced its staking program. ATOM is the second digital asset that has been supported for the Coinbase’s staking rewards program. However, comparatively, users receive their XTZ rewards within just three days while the commission for both of the tokens remains the same which is competitively high.
Since the major crypto exchange launched its staking service in the month of November in 2019, over $2 million worth of XTZ rewards has been given to users. Therefore, it is considered to be the largest Tezos (XTX) staking service in the industry.
Coinbase says that it always looks for different ways to enable the participation of customers into cryptoeconomy in an easy way. The company added, “we’re focused on bringing the benefits of different cryptocurrencies to our customers in the easiest and most secure way possible. The more accessible we can make it, the faster the cryptoeconomy will grow.”