Tezos (XTZ) has seen over 20% rise in value shortly after Coinbase, a U.S-based digital currency exchange, declared Friday an addition to its custody section. Not only Tezos, Cardano (ADA), Basic Attention Token (BAT), MaxiMine Coin (MXM) are also performing excellently.
Coinbase: Behind Tezos (XTZ)’s Rise
As at the time of writing, Tezos (XTZ) is changing hands at $0.914261 USD, with a market cap of $605 million and a 24hr volume of $7.7 million.
Since 2017, Coinbase has been storing cryptocurrency for institutional hedge fund. The new staking services came to reflect that Coinbase has the mind to increase the income of its clients, by giving them the advantage to gain rewards from some digital assets that are running on the proof-of-stake networks.
Now, Coinbase is allowing its clients to stake the Tezos network. This is the Coinbase’s maiden staking service. According to an update by the popular exchange, Tezos baking is going live for Coinbase Custody clients.
The latest innovation makes it the “first regulated, insured and truly institutional staking provider in crypto.”
According to the update, Coinbase Custody is expected to take around 20% from the present 8% proceed, meaning that clients are eligible to get a bit over 6% yearly just by staking Tezos.
The staking service is to be spearheaded by Luke Youngblood, the custody convers business covers $600M in Assets under management and 60 clients are to be involved.
Coinbase is working day and night to solve the problems emanating from staking services. The exchange says:
“Prior to today, the risk necessary to actively participate in staking has mostly outweighed the return and therefore forced many institutional investors to sit on the sidelines,” the firm said. “Our track-record of running secure crypto infrastructure coupled with our regulatory license and insurance program changes that calculus.”
The staking service is an expansion of Coinbase Custody and there is hope the idea will make it easy for users to vote using their tokens, meaning, by Q2, Coinbase will support Tezos and MakerDAO voting.
Basic Attention Token (BAT), MaxiMine Coin (MXM), Cardano (ADA) Jump
Tezos is not the only asset digital asset performing excellently. Basic Attention Token (BAT), MaxiMine Coin (MXM), and Cardano (ADA) among other cryptocurrencies are doing fantastic.
As at the time of filing this report, Basic Attention Token (BAT) is changing hands at $0.287551 USD after seeing 22.46% growth within a day with a trading volume of $68 million. The digital currency now has a market cap of $358 million, and there is expectation that the cap will skyrocket if BAT continues with this pace.
For Maximine Coin (MXM), the digital currency is changing hands at $0.134475 after seeing over 25% gain in 24 hours. MXM now has a market cap of $221 million, with a 24hr market volume of $25 million.
The least among is Cardano (ADA). ADA is changing hands at $0.070882 after seeing over 6% price increase today.
With a market cap of $1 billion, and a 24hr trade volume of $106 million, Cardano is balanced on the 10 position, after it unseated Tron (TRX) few days back.