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Coinbase Prime Adds Ethereum Staking for US Institutional Clients
The product offers another entry point for financial institutions eager to delve into crypto but unsure of how best to do it.
Coinbase Prime has added Ethereum to its expanding list of staking options for U.S. domestic institutional clients, Coinbase said in a blog post Monday.
The product offers yet another crypto on-ramp for institutions, which have eyed the industry's explosive growth with interest but haven't always known quite exactly how to get in. Generating yield through staking plays to big firms that frequently are in search of attractive places to park money.
STORY CONTINUES BELOW
Coinbase Prime also offers staking for tokens including Solana, Polkadot, Cosmos, Tezos and Celo, according to the blog post.
Clients can create a wallet, decide how much to stake and initiate staking from the ETH asset page on their Coinbase Prime account, wrote Aaron Schnarch, vice president of product, custody at Coinbase.
Withdrawal keys are held in Coinbase’s cold storage custody vault, and staking transactions must first complete consensus before they are executed.
Read more: Coinbase, With 9K Institutions Already Enlisted, Launches ‘Prime’ Out of Beta
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
