CoinBase to Stake Tezos to Keep User Deposits
A lot of exchanges now compete to make users keep funds on their platforms. Some offer cryptocurrency loans some allow staking. Of course, the idea came from China where KuCoin and Binance allowed it and made popular the most - both with no KYC.
So CoinBase with full KYC, licenses and stuff couldn't compete in altcoins much. We see that now they decided to get XTZ community to get their funds there.
Just it means more XTZ will be created so more can be sold.. And that's how market reacted.
While for long term the idea is good for the coin/token for short its a dump usually. And exchanges don't care of the dump, they want more coins to be sold here or there they take fees.
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Tezos have been trading positively ever since the announcement broke. +28% gainer in the last 7 days
As a result, Tezos just pumped +70% after the news broke. I do think that staking is a pretty neat idea; by making the underlying Blockchain more robust for everyone, and you can earn rewards/interest in exchange - so I guess it makes for an interesting long-term investment strategy as well :-)
Good news for all crypto lovers. Thanks for this post.