Coinbase has announced that the cryptocurrency exchange will soon support Ethereum 2.0 staking and trading features. Users of Coinbase will be able to convert their ETH tokens to ETH2 to earn staking rewards in their trading accounts. The platform will also support trading between ETH and ETH2, among other cryptocurrencies. The news to support staking support comes amid the Ethereum 2.0 network upgrade.
Coinbase to Support Ethereum 2.0 Staking
Although a specific date has not been set up for launching the new staking features, users will be able to access the staking features at different times.
For instance, customers in eligible jurisdictions will be able to receive access to the new staking features in early 2021. The official announcement further indicated that more details will come out soon on the rollout in the coming months.
On December 1, the Ethereum Beacon Chain will launch, beginning a multi-year upgrade to Ethereum 2.0 (ETH2). Coinbase intends to fully support ETH2 through staking and trading.
Read more here: https://t.co/e1fsAohT4j
— Coinbase (@coinbase) November 30, 2020
The official announcement stated:
“We’re excited for this major milestone for ETH2, and the potential that a final rollout of ETH2 holds for the entire cryptocurrency community.”
The news to support ETH2 staking comes amid the highly anticipated Ethereum Beacon Chain launch, scheduled to go live on Dec 1 at noon UTC. The upgrade will transition Ethereum from its current proof-work-consensus to proof-of-stake.
The new upgrade will enable Ethereum to process speedier transactions per second than the current Proof of Work (PoW) system.
Coinbase Processes One of the Largest Volumes for ETH/USD Pairs
Ethereum holders who are looking to stake their cryptocurrency will not be able to withdraw or transfer the stake until after Phase 1 is rolled out, a process that could take place over the course of the next few years. Coinbase has intended to play a major role by enabling users to stake ETH 2.0 and secure the network.
Ethereum is the second-largest cryptocurrency market capitalization. It currently ranks third by daily trading volume. Coinbase Pro processes one of the largest volumes for ETH/USD pairs.