Coinbase Custody will be announcing that customers are going to be able to stake Tezos and earn while keeping the cryptocurrency in cold storage. Following the announcement, the price of XTZ has increased by more than 12 percent, continuing its overall 30-day rally.
Tezos (XTZ) Staking in Coinbase Custody
The largest US-based cryptocurrency exchange Coinbase is reportedly going to add cold-storage staking for Tezos (XTZ), and perhaps other proof-of-stake altcoins.
The news was brought by the CEO of Blockforce Capital, Eric Ervin.
— Eric Ervin (@eervin1) March 29, 2019
At the time of press, there’s no additional information regarding the planned announcement. However, as per Coinbase Custody official website, “staking makes it possible to earn passively against your holdings – all without moving anything from offline cold-storage.
The announcement comes as a continuation of Coinbase decision to hire Luke Youngblood. The latter used to be a principal solutions architect at AWS. He is reportedly going to head up the development of new staking, as well as governance products.
It’s worth noting that as of this moment, Tezos is not listed for trading on any of the available platforms of the San Francisco based cryptocurrency exchange. Back in the summer of 2018, however, Coinbase Custody teased about adding Tezos to the available crypto assets for storage only.
Coinbase Custody is a service which is intended to provide secure storage for crypto assets targeted at eligible financial institutions, as well as hedge funds throughout the entire world. It accepted its very first deposit back in July 2018.
Tezos (XTZ) Price Reacts
Despite the fact that an official announcement is yet to happen, the price of Tezos has increased substantially. XTZ has pumped with more than 12 percent throughout the last 24 hours, at the time of this writing.
As Cryptopotato recently reported, Tezos is amongst the best performing Altcoins throughout the entire last month. It managed to increase by about 90 percent, before the recent pump.
Part of the reasons for the outstanding performance is perhaps the fact that Tezos went through its first round of voting on its blockchain, backing up an upgrade called “Athens A”. It will introduce important changes to the existing network.