Coinbase to pay UK and EU customers 5% ‘interest’ on crypto holdings

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Coinbase to pay UK and EU customers  5% 'interest' on crypto holdings

Coinbase to pay UK and EU customers 5% 'interest' on crypto holdings

28 May 2020

 

Coinbase has announced it is to start offering staking rewards to its customers in the UK and certain EU countries, which could offer around 5% interest on the Tezos they hold in their wallet.

Cryptocurrency exchanges could use staking to effectively pay their customers interest at more competitive rates than is on offer at traditional banks and blur the lines between what is a bank and what is not.

Having launched staking rewards on Tezos for US customers in November, Coinbase is now rolling out the offer to the UK, France, Spain and the Netherlands.

Zeeshan Feroz, Coinbase's UK CEO, explains to Finextra Research that "fundamentally, as a consumer you have the ability to own a coin and earn a reward on top of it, while folks like Coinbase do the work behind the scenes to participate and support the network."

What is Tezos and what is staking?

Tezos is one the newer crop of cryptocurrencies, having launched in September 2018 after raising $232 million via an ICO.

Its network is based on 'proof of staking' protocol, meaning it does not involve the mining work and the huge electricity output involved that other cryptos like Bitcoin are built on.



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