Cosmos (ATOM) is now available for staking on Coinbase

Written by: Ali Raza
September 30, 2020
  • The US-based crypto exchange, Coinbase, recently announced staking support for another crypto.
  • The coin that was added this time is Cosmos (ATOM), which is available in the US and several European nations.
  • With the move, Coinbase hopes to help crypto-economy grow, as well as take over yet another market.

San Francisco-based Coinbase digital currency exchange recently announced a decision to make another coin available for staking. The coin in question is Cosmos (ATOM), and eligible users can now earn 5% APY on their ATOM tokens.

Coinbase adds ATOM to its list of coins available for staking

Coinbase has been adding several cryptos to its staking platform, and just prior to this announcement, the exchange rolled out staking rewards for Tezos (XTZ). Tezos is now available for staking in the US, as well as several European countries, such as the UK, Spain, France, and the Netherlands.

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As for Cosmos, Coinbase revealed that it will be available in all the mentioned countries, with the addition of Belgium, as well.

The move will allow Coinbase to take over another EU market. Meanwhile, the decision itself is speculated by some to be a result of the recent announcement published by the European Central Bank. The announcement mentioned a Digital Finance Package, which clarified regulations for traders and businesses involved with cryptocurrencies.

Now, Coinbase itself decided to make this new move due to the growing rate of adoption across the world. The exchange sees it as an easy way to bring the benefits of different cryptos to its customers in a safe way. From the exchange’s perspective, making cryptos available in such a way will speed up the growth of the entire crypto-economy.

Following the announcement, ATOM price went up by 8.5%, as a consequence of the so-called ‘Coinbase effect,’ which is already well-known in the industry. After all, Coinbase’s staking platform has allowed users in the US alone to earn over $2 million in crypto since staking was added to its list of available services.

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