Ethereum Staking for Institutional Clients
In a blog post published on Monday, August 1st, Coinbase (NASDAQ:COIN) announced that institutional clients in the United States would now be able to access an end-to-end staking experience for Ethereum (ETH) ahead of the much-anticipated ‘merge’ event.
The addition of ETH staking enables institutional clients using Coinbase Prime to earn passive income on their ETH holdings through the accumulation of yield on staked funds.
Coinbase explained that the integration of Ethereum staking is an important feature designed for those institutional clients that are looking to enter the crypto money industry, but remain trepidatious about making the commitment.
The Ethereum Merge
Staking is is rising in prominence on the Ethereum blockchain as the network prepares for its transition from Proof of Work to a Proof of Stake consensus algorithm.
Indeed, 10.79% of all the ETH tokens in circulation have already been staked and, at the time of this writing, the yield reward offered on staking pools stands at an average of 4.08%.
On the Flipside
Why You Should Care
By allowing its clients to generate yield through staking, Coinbase is looking to support the growth of institutional investors in the crypto industry.
Find out more on the SEC probe in:
Coinbase Probed by the SEC over Unregistered Security Trading Allegations
Coinbase has also taken its services to Europe. Read about that in:
Coinbase Approved to Operate in Italy Despite Rising Insolvency Rumors
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Source: Cryptocurrency - investing.com
