Cryptocurrency exchange Coinbase has announced the launch of the waitlist to earn staking rewards with ETH2. With the new Ethereum upgrade to ETH2, the exchange's users could earn up to 7.5% APR.
ETH2 validators began earning their rewards in December 2020. It is worth noting that Coinbase's reward rate is lower by 1.25% that the one on staking pools. However, Coinbase notes the rate will change as more ETH2 is staked.
At the time of writing, the highest reward rate is set on Kraken (9.32%). If a user runs a validator, he could earn up to 10.95%. Nonetheless, if a user wants to become a validator, at least 32 ETH is required. However, just like with pools, Coinbase does not require minimum amounts to stake.
The exchange emphasizes, initially, users will not be able to sell or send the portion of ETHs to stake. However, Coinbase plans to add support for trading staked ETHs "in the coming months."
The US-based cryptocurrency exchange first announced plans to support ETH2 staking in November last year. The exchange said its clients could convert ETH via Coinbase accounts to ETH2 and earn staking rewards. With ETH2 locked on the beacon chain, Coinbase will also allow trading between ETH2, ETH, and other supported digital assets.
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