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Coinbase has announced the addition of ETH in its growing list of options for U.S. domestic institutional clients. Coinbase is a secure online platform for buying, selling, transferring and storing cryptocurrency. As per the recent reports, the U.S based entity is currently facing increased scrutiny from the SEC because of the certain number of tokens listed on the platform. The SEC has put allegations on Coinbase saying that the nine cryptocurrencies including XYO, RGT, LCX, POWR, DFX,AMP, RLY, DDX and KROM are insecurities. Coinbase’s chief legal officer, Paul Grewal, completely denied these allegations.
In the latest news, Coinbase has published a blogpost on Monday. The blog post informed about the addition of Ethereum as staking options for U.S domestic institutional clients. This new addition has opened a door for new institutions that wish to enter the industry but quite didn’t know how to do it. Big firms are attractive to places where they can put their money and generate yield through staking.
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According to the blog post, Coinbase Prime offers staking for tokens including Celo, Tezos, Solana, and Polkadot. Vice-president of product & custody at Coinbase, Aaron Schnarch, wrote in the blogpost that clients can create a wallet, put as much as they want to stake and initiate staking from the ETH asset page on their Coinbase Prime account. The cold storage custody vault of Coinbase contains withdrawal keys, and before the transactions are executed they must complete consensus first.
The blog also elaborates on ETH vs ETH2. For the uninitiated, customers are allowed to stake their ETH to earn rewards. It converts ETH2 on Coinbase when they stake their ETH. The price of ETH2 is equivalent to ETH. Both ETH and ETH2 will merge into one token once the upgrade of the Ethereum is complete.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
