Crypto Exchange Coinbase Outlines Plans to Support ETH 2.0 Staking

UTC by Bhushan Akolkar · 2 min read
Crypto Exchange Coinbase Outlines Plans to Support ETH 2.0 Staking
Photo: Depositphotos

Coinbase said that it will support ETH 2.0 staking rewards in eligible jurisdictions starting from early 2021. Other crypto exchanges like Huobi, Kucoin, and Binance has also made similar announcements.

The D-day is finally here as the Ethereum 2.0 Beacon Chain is all set to go live today as per the earlier schedule of December 1. The much-awaited transition to the Proof-of-Stake (PoS) Ethereum 2.0 will commence today. Crypto exchange Coinbase takes the move and announces its plans for supporting the ETH 2.0 staking rewards. In the official blog post, the exchange notes:

Coinbase intends to support ETH2 through staking and trading. Coinbase customers will be able to convert ETH in their Coinbase accounts to ETH2 and earn staking rewards. While staked ETH2 tokens remain locked on the beacon chain, Coinbase will also enable trading between ETH2, ETH, and all other supported currencies providing liquidity for our customers.

All the ETH 2.0 staking and trading features will be available to its customers starting in early 2021. The Ethereum 2.0 PoS transition makes the community free from miner domination taking a step to further decentralization. Besides, it also solves major problems of high ETH gas fees and limited scalability.

Well, Ethereum 2.0 launch process has seen multiple delays over the last two years. However, we are not getting started successfully. But in a recent post on Reddit, Ethereum co-founder Vitalik Buterin has asked the community to set the expectations right and modest. The complete implementation of Sharding and transitions to Ethereum 2.0 will still take another two years.

Coinbase Reveals Its Plans on ETH 2.0 amid 5% Ethereum Price Surge 5%

After last week’s correction, Ethereum (ETH) price has recovered quickly over the weekend adding $100 and moving past $600. At press time, ETH is trading 4.53% up at a price of $611 and a market cap of $70 billion.

ETH has gathered bullish momentum once again as is likely to surge to new highs. As per crypto market analysts, the ETH price has no resistance up to $800 and move quickly.

Note that ETH is trading at these levels for the first time since April 2018. The ETH price has surged nearly 5x from the start of 2020 and is trading at a 350% premium year-to-date. As of writing this article, a total of 872,705 ETH has been already sent to the Ethereum 2.0 deposit contracts, as per data by DuneAnalytics.

Note that even after the launch of the Ethrereum 2.0 Beacon Chain, all of the smart contracts, DApps, and transactions will continue to happen on the existing Ethereum 1.0 blockchain.

Altcoin News, Blockchain News, Cryptocurrency news, Ethereum News, News
Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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