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Coinbase plans to support Ethereum 2.0 staking

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Dec, 03 2020

Dec, 03 2020

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Coinbase, a U.S. digital currency exchange has made plans for encouraging Ethereum 2.0 staking by giving rewards which would possibly set the stage for even broad acquisition of the smart contract platform.

Coinbase also plans to roll out the trading, conversion services, and staking of Ethereum 2.0 starting in the month of January 2021.

When Ethereum 2.0 will be supported, the existing customers will be able to earn staking rewards by converting their Ether (ETH) tokens to ETH 2.Coinbase indicated that later on, it will give more information regarding the launch of each feature.

The news of the launch of the highly anticipated Ethereum Beacon Chain came in the evening, which initiated a prolonged upgrade of the blockchain network. Due to the upgrade, the Ethereum will be transformed from its prevailing proof-of-work census to a proof-of-stake network.

The proof-of-stake decreases the risk of centralization and permits for a vigorous defense against 51% attacks, claims the team of Ethereum development. 

Last week, after the minimum threshold of 5,29,288 ETH were deposited in the Ethereum contract account, Phase 0 of Eth 2 was confirmed. Around 8,55,264 ETH had been deposited in the Eth 2.0 contract account, at the time of press.

The holders of Ethereum who have chosen to stake their coins will be able to transfer or withdraw their stakes only after Phase 1 is rolled out and this process can even take years.

Various companies like Darma Capital are planning to provide intermediated staking. After this, the users would be allowed to continue accessing their capital.

Ethereum, as the second-largest cryptocurrency in accordance with the market capitalization is considered the most liquid able asset in all of the cryptocurrencies.

According to Messari, Ethereum is currently ranked third in accordance with daily volume. For the ETH/ USD pair, Coinbase is processing one of the largest volumes.

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