Coinbase introduces staking rewards for Cosmos [ATOM]

Popular San Francisco-based crypto-exchange, Coinbase, announced today that eligible users can now earn 5% APY on their Cosmos (ATOM) held on the platform, according to a press release shared with AMBCrypto.

The announcement follows the launch of staking rewards for Tezos, which were made available to customers in the U.S, U.K, France, Spain and The Netherlands back in May. In the present press release, however, Coinbase has clarified that Cosmos Staking Rewards will be available in Belgium too, apart from the U.S, U.K, France, Spain, and The Netherlands. 

With this move, Coinbase has added yet another European Union market to its domain, a development that could be a result of the European Central Bank’s recent announcement of a Digital Finance Package that clarified regulations for crypto-companies and traders. Citing the growth of cryptocurrency adoption across the world, Coinbase stated, 

[…] we’re focused on bringing the benefits of different cryptocurrencies to our customers in the easiest and most secure way possible. The more accessible we can make it, the faster the crypto-economy will grow.

ATOM, which is the native token of Proof-of-Stake (PoS) blockchain – Cosmos – was worth $5.33, at press time. According to a CoinGecko, ATOM’s price was up by 8.5% in the last 24-hours. Whether ATOM’s price will pump even more in the near-term is an uncertainty. However, since the ‘Coinbase effect’ is well-documented, such a result might not necessarily be unexpected. 

Image Source: CoinGecko

Since Coinbase first launched its staking service in the U.S, it has claimed that its customers have earned over $2 million in crypto since. This also suggests that staking has been more lucrative for these customers, when compared to investing in equities, bonds, and other traditional securities.