Coinbase on Thursday, May 28 announced that Tezos (XTZ) rose by 6% since the exchange made staking available to certain countries in the EU.
The California-based crypto exchange announced in a blog post that it has extended its staking services to the UK, the Netherlands, Spain, and France. It revealed that since Tezos (XTZ) staking launched in the US in 2019, customers have been rewarded over $2 million.
The company justified its move to open its doors to Europe, explaining that “with yields on savings accounts and government bonds at record lows — and in many cases negative — in the UK and across Europe, staking offers our customers a simple way to earn rewards on assets held in their Coinbase accounts.”
Based on a 90-day trend, Coinbase estimates that XTZ stakes will have a 5% annual return. Stakeholders earn a reward by holding onto their assets. This is particularly challenging, especially when the asset appreciates in value. Coinbase rewards each stakeholder every 3 days after an initial holding period (35-40 days).
Late last week, XTZ surpassed EOS to become the most locked asset on the staking network. XTZ’s staking dominance currently stands at 93%.
Last year, XTZ jumped 70% after Coinbase launched staking in the US. This EU launch grew the coin by only 6%.