Coinbase Prime Ethereum Staking US Clients
The product offers another entry point for financial institutions eager to delve into crypto but unsure of how best to do it.
The product offers yet another crypto on-ramp for institutions,
which have eyed the industry’s explosive growth with interest but haven’t always known quite exactly how to get in.
Generating yield through staking plays to big firms that frequently are in search of attractive places to park money.
Coinbase Prime also offers staking for tokens including Solana, Polkadot, Cosmos, Tezos and Celo, according to the blog post.
Clients can create a wallet, decide how much to stake and initiate staking from the ETH asset page on their Coinbase Prime account, wrote Aaron Schnarch, vice president of product, custody at Coinbase.
Withdrawal keys are held in Coinbase’s cold storage custody vault, and staking transactions must first complete consensus before they are executed.
Coinbase Prime has announced that it will launch an Ethereum staking service exclusively for corporate customers in the US.
The company offers an important feature for financial institutions that want to enter the crypto money industry but have hesitations about it.
Coinbase said in today’s blog post that Coinbase Prime has also added Ethereum to its staking options for US institutional customers.
Coinbase Prime’s new product adds an important feature for institutions that don’t know exactly how to enter the industry.
In this way, companies will have the opportunity to earn passive income by avoiding risks.
Coinbase Prime also offers staking services for Solana, Polkadot, Cosmos, Tezos, and Celo tokens.
Aaron Schnarch, Chief Product Officer of Coinbase,
said that institutional customers can create a wallet and start staking ETH in their Coinbase Prime account.
Ethereum Merge Approaching
Merge, the highly anticipated upgrade of the Ethereum network, is now quite a short time away. Ethereum developers said the merge could begin on September 19.
With Ethereum Merge, the network will switch from proof-of-work to proof-of-stake. With this move, Ethereum’s carbon footprint is also planned to be reduced.