Coinbase Launches 5% Staking Rewards for Cosmos’ ATOM
Coinbase is expanding its staking rewards program to include Cosmos’ ATOM token. Starting Tuesday, users will automatically begin earning 5% annually on their ATOM holdings.
- ATOM is only the second cryptocurrency to join Coinbase’s nearly year-old rewards program, after tezos (XTZ) kicked off the service in 48 U.S. states last November.
- With the addition of ATOM, Coinbase is making staking available to eligible customers in the U.S., Britain, France, Spain, Netherlands and Belgium. The same geographies (except for Belgium) were covered in an expansion of XTZ rewards in May.
- Coinbase projects the staking yield around 5% based on historical rewards rate data. The San Francisco-based exchange said it will pay out ATOM rewards every seven days. XTZ payouts arrive every three.
- Cosmos, an interoperability project meant to connect blockchains and their native tokens, has been gaining steam in recent months. CoinDesk reported in August that Cosmos blockchain technologies have been used to “secure” $6 billion in crypto assets.
- Coinbase first listed ATOM in January 2020.
