American-based exchange Coinbase has finally rolled out support for Ethereum 2.0 staking. However, staking has not begun as interested users must join a waiting list.
The announcement was made by Coinbase today, via its Twitter account. The change offers an interest or 7.5 APR, for any amount of Ethereum staked. On the company’s staking page, users are promised that their staking rewards appear in their wallets automatically.
Users interested in staking would have to create a Coinbase account. At the time of writing, there was no direct link or dedicated page to join the waitlist. According to the exchange, to be eligible, users have to present a valid TIN. They also have to live in an area where staking is allowed. For those who meet the above criteria, staking can be done from as low as $1 in crypto.
Unfortunately, residents of Hawaii and New York would be unable to participate in staking now. This could be due to the crypto regulations present in the two states. Coinbase says it is currently ensuring that all its users can enjoy its services.
Ethereum 2.0 Staking Comes two Months After Other Exchanges
Coinbase’s Ethereum 2.0 staking announcement comes late, two months after other crypto exchanges like Binance and Kraken announced theirs. Ethereum 2.0 staking started officially in December 2020, and many exchanges have already started offering the service since then.
The exchange explains its reason for rolling out a waitlist. “By joining the waitlist today, customers will be first in line to earn ETH2 staking rewards.” Coinbase is known for releasing numerous waitlists, particularly when it wants to launch a new service. Numerous times, users end up for a long period of time without getting what they actually signed up for.
It also says a lot of users have asked for staking services. “Getting rewarded with different cryptocurrencies is one of our top requests,” the crypto exchange explains. Apart from Ethereum 2.0 staking, Coinbase offers staking options for other cryptocurrencies. Some of these are DAI, Cosmos, Tezos, and Algorand.