Staking ETH on Coinbase for UK users
Staking ETH on Coinbase for UK users Staking ETH on Coinbase for UK users

The Coinbase exchange has announced the introduction of ETH staking for UK users.

This will allow them to earn up to 5% per year on the cryptocurrency they own.

Is it worth using ETH staking on exchanges?

Staking

Ethereum 2.0 allows you to profit from ETH without selling the cryptocurrency. The problem is that it requires depositing exactly 32 ETH on a smart contract and preparing a computer that will be connected to the internet at all times. At current prices (at the time of writing the article the ETH exchange rate is 3975 USD) this translates into an amount of almost half a million zlotys, which can effectively discourage staking.

The solution to this problem is staking

using exchanges (for a long time such a solution has been offered by Binance, among others) or services that specialize in staking. Not only do you not have to worry about protecting your computer, but you can also deposit any amount of ETH.

Staking ETH on Coinbase

Marcus Hughes

, who is the CEO of the English branch of Coinbase, reported that there has been a big increase in the number of customers who have invested in ETH in recent months. As a result,

they are delighted to now offer them rewards for staking this cryptocurrency.

“We have witnessed a huge rise in customers purchasing Ether in recent months and so are delighted to be in a position to offer them staking rewards for this asset.

However, the question remains whether holding Ethereum on the Coinbase exchange is really the best option for UK users now that Staking Ethereum on the Ledger hardware wallet has recently been made available. On the other hand, if you’re interested in the topic of generating passive income from cryptocurrencies, be sure to check out our guide Staking cryptocurrencies part I | Overview of online staking platforms

.

However, you should keep in mind that staking is usually associated with the need to freeze funds for a period ranging from a few days (SOL, FTM) to several months (ETH). This may prevent you from realizing profits once your cryptocurrency holding reaches ATH

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