Coinbase has added support for Cosmos (ATOM) staking with 5% APY rate.
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From now on, the exchange's clients can earn additional tokens just for storing the ATOM tokens on the trading platform. Cosmos Staking Rewards is available in the US, UK, France, Netherlands, Belgium, and Spain.
Cosmos is a Proof-of-Stake (PoS) blockchain developed to improve the interoperability between other blockchain networks. Currently, Coinbase Custody supports staking feature only for Tezos (XTZ) and Algorand (ALGO).
In May 2020, Coinbase already added support for Cosmos staking but only for its own custodian called Coinbase Custody. Coinbase claims to be the largest Tezos validator in the world as it had zero slashing incidents, and had an uptime of 99.99% since launch.
Previously, Coinbase has announced extension of its VPs team three new members from large IT companies.
According to an official announcement, Coinbase hired Shilpa Dhar as VP of Product and Ravi Byakod as VP of Engineering. Shilpa and Ravi will assist in creating scalable and compliant infrastructure that can keep up with the growing cryptoeconomy.
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