Coinbase will start offering Ethereum staking rewards to its customers in the United Kingdom.
Coinbase’s ETH staking rewards now available to UK customers
Leading cryptocurrency exchange Coinbase announced earlier today that the Ether staking rewards would be available to its customers in the United Kingdom. The feature would allow customers to stake ETH and earn rewards for holding the coins.
According to the cryptocurrency exchange, the product is now live, and the full launch is expected to take place soon. Marcus Hughes, general manager for the U.K. and EMEA region, said, “We have witnessed a huge rise in customers purchasing ether in recent months and so are delighted to be in a position to offer them staking rewards for this asset.”
UK customers now have the choice of earning rewards on a portion of their Ether holdings instead of the entire balance. ETH2, an upgraded version of the blockchain, made it possible for Coinbase to offer this service to its users.
To stake the Ether coins, customers will need to convert their ETH holdings to ETH2. The assets are then added to a staking pool, and they can start earning rewards for holding the coins. “We believe that, in simplifying staking, which is very complex to do individually, we can play a role in widening access to this key part of the cryptoeconomy,” Hughes concluded.
ETH 2.0 is getting closer
The Ethereum network has been working for the past few months to complete its migration to the proof of stake protocol. The migration would switch the Ethereum network from a mining-dependent blockchain to one that uses staking.
The London upgrade last month was one of the most important steps in Ethereum’s migration journey.