Coinbase is a crypto exchange and on 17th February, Wednesday, they opened up their waitlist for Ethereum 2.0 for the purpose of staking rewards soon after announcing their support at the beginning of November 2020.
On 16th February, Tuesday, Coinbase was informed that their customers are now being offered to earn almost 7.5% on an annual basis by staking rewards for the purpose of holding Ethereum. These rewards will include a commission of about 25%, and that indicates that that percentage will now reduce the total returns for their customers.
A Late Waitlist By Coinbase
Except for the staking rewards on Ethereum, Coinbase will also be allowing the trade for any other ETH that has been at stake during the forthcoming months.
This step will act as an important and necessary feature because of the staked ETH that remains locked and not allowed to be withdrawn till the 1.5 phase of Ethereum 2.0 finally goes live, tentatively during the year 2022.
A spokesperson of Coinbase has stated that their ETH2 staking service will be going live very soon. Although the waitlist has not been opened for the residents of New York yet.
Many more people are staking their ETH holdings in order to earn rewards as reported last week by The Block. As of now over 3 million Ethereum that is valued at more than almost $5.2 billion according to the present price has been deposited in the staking contract of ETH2.
Coinbase has not only supported ETH2 but also 2 other coins for their staking rewards services such as Cosmos and Tezos.
Kraken, the competitor cryptocurrency exchange, is also providing ETH2 and this suggests that Coinbase should move to their execution phase from the waitlist in order to keep up.