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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.
By Nelson Wang
Updated May 11, 2023, 5:34 p.m. Published Aug 1, 2022, 7:57 p.m.
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.
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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
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