Coinbase Launches Coinbase Wrapped Staked ETH to Allow Ethereum Staking
August 25, 2022
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Coinbase Global($NASDAQ:COIN) is set to launch Coinbase Wrapped Staked ETH, or cbETH, which will allow ethereum tokens to be staked via the cryptocurrency exchange, it wrote in a series of Twitter posts Wednesday. Users will be able to transfer the liquid staking token starting August 25 at 9:00 p.m. The launch of cbETH marks Coinbase’s entry into the staking market, which allows users to earn rewards for holding onto their cryptocurrency. The move could help increase demand for Ethereum and stoke adoption of the technology. In the long term, this could affect Coinbase’s market share and earnings, as more users flock to the platform to take advantage of staking rewards. It remains to be seen how this will play out, but it’s certainly an interesting development worth keeping an eye on.
On Wednesday, Coinbase Global stock opened at $71.9 and closed at $71.5, up by 0.4% from the previous closing price of $71.2. The move came after the launch of Coinbase Wrapped Staked ETH, which allows users to stake Ethereum on the Coinbase platform. The new product is designed to make it easier for users to earn rewards on their Ethereum holdings, and it is currently available to users in the US, UK, Canada, and Singapore.
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Coinbase, one of the largest cryptocurrency exchanges in the US, has announced the launch of Coinbase Wrapped Staked ETH, a new product that will allow users to stake their Ethereum tokens and earn rewards. When users stake their ETH tokens through Coinbase, they will earn rewards in the form of new ETH tokens. The launch of Coinbase Wrapped Staked ETH is a major development for the Ethereum network, as it will allow users to earn rewards for participating in Ethereum’s proof-of-stake consensus algorithm. Coinbase’s launch of Coinbase Wrapped Staked ETH is also significant for the cryptocurrency exchange itself, as it marks the first time that Coinbase has offered a staking product. Coinbase’s launch of Coinbase Wrapped Staked ETH is a positive development for the cryptocurrency industry as a whole, as it shows that major exchanges are beginning to offer products that allow users to earn rewards for participating in proof-of-stake consensus algorithms.
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