As a reaction to news from major crypto exchange Coinbase and its decision to open up staking rewards for its Tezos (XTZ) community, prices surged more than 50%, opening up even more earning for XTZ holders.
On Wednesday, Coinbase published a post letting its users know that it will be running staking rewards on “every Tezos (XTZ) held on Coinbase by eligible US customers”, giving them the chance to earn rewards. The post explained staking saying:
“Staking lets you earn income with your crypto by participating in the network of a particular asset. When you stake your crypto, you make the underlying blockchain of that asset more secure and more efficient. And in exchange, you get rewarded with more assets from the network.”
In response to the news, XTZ’s price in the market jumped by 50% to hit $1.40 from about $0.90. Furthermore, there was a considerable surge in XTZ’s recorded trading volume which hit $60 million all the way from $13 million with about 25% of the volume found on Coinbase Pro.
This development especially as impressive as it was on Coinbase Pro, presented a rare opportunity for XTZ arbitrage. Popular economist and trader Alex Kruger, took to his Twitter to point out an impressive 20% spread between Coinbase and Bitfinex/Kraken, and it’s safe to assume a few people took advantage of it before prices fell. XTZ has now corrected to about $1.15.
Last year, the Tezos Foundation created Tezos-focused curriculum with the Kingsland University.
Image Credits: Pixabay