Coinbase Custody Now Supports Tezos

Coinbase Custody Now Supports Tezos

Coinbase have today announced they will be offering the Tezos baking via their service, with support for governance for MakerDAO to follow shortly.

Coinbase Custody will be now be offering Tezo baking to players, making it the first service offering regulated and comprehensively insured 100% offline staking provider in crypto. This is the latest move of expansion of their custody service which already offers their service to 60 clients with assets of $600 million under their control. The plan is for incorporating Tezo will make POS procedures easier than ever before.

“The launch of Tezos staking through Coinbase Custody serves an acute need that existed up until now: a way for institutional participants who rely on a secure, offline custodian to take an active role in the network.” Tezo’s Co-founder, Kathleen Breitman explained. “Achieving our mission of creating a ‘digital commonwealth’ means facilitating participation for all, and that includes the institutional customers that Coinbase Custody brings to the space.”

The blog post further outlines their choice of Tezo in particular, which it states is due to their “DPOS architecture coupled with high demand from current clients.” Coinbase will run all its own nodes and validators though, as well as incorporating all the same rigorous security and infrastructure, their crypto assets are subjected to. With the incorporation of Tezo, Coinbase Custody will now be offering, 100% offline, segregated storage for all client funds, a staking fiduciary and qualified custodian, and ease of use.

However, this is not the only news from the Coinbase Base, as they are also poised to launch another connected deal with MakerDAO. One of the fastest growing Ethereum projects, with 200 projects are integrating their Dai stablecoin into their service. The plan is to launch MakerDAO and Tezos voting in the second quarter of this year if the plan passes their rigorous internal evaluation process.

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