Cosmos Gets 5% Staking Rewards in Coinbase

by in Cryptocurrency News

Coinbase adds Atom

Digital currency exchange Coinbase added staking profits for the native currency of the Cosmos platform Atom.

Formerly Coinbase included maintenance for blockchain platform Tezos (XTZ).

Staking becomes possible for the traders from U.S., Britain, France, Spain, Netherlands and Belgium. This refers to both Atom and XTZ (apart from Belgium). ATOM rewards will be paid in terms of 7 days, while XTZ bonuses get credited in terms of 3 days. Coinbase runs on Proof-of stake blockchain.

PoS allows coin possessors to stake their funds in order to take part in the running of the network. In return, they receive coins. If the user goes against the rules, for example, tries to double sign or hack the system he will lose the coins.

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Staking rewards have some things in common with "interest". The main difference between these concepts is that new tokens emerge from inflation—so no new value is necessarily being created. Coinbase announced customers will see more assets being supported for staking rewards in future.