Coinbase, leading America’s cryptocurrency exchange today announces staking and trading support for ETH 2.0 tokens. Coinbase announces this support just before the launch of the multi-year upgrade to Ethereum 2.0 (ETH2).
Coinbase tweets, “On December 1, the Ethereum Beacon Chain will launch, beginning a multi-year upgrade to Ethereum 2.0 (ETH2). Coinbase intends to fully support ETH2 through staking and trading.”
As you know ETH2 has already reached the threshold for eth2 mainnet launch. A total of 872,449 ETH is currently stacked against the required 524,288 ETH for mainnet launch. ETH2 intends to solve two of its biggest challenges i.e. limited scalability and high gas prices.
According to the official Coinbase blog post, the existing users will convert available ETH in their Coinbase accounts to ETH2 and earn staking rewards.
The already staked ETH2 token on Coinbase will remain locked on the beacon chain. As per blog post, Coinbase will also enable trading between ETH2, ETH and all other supported currencies.
However, this feature will not be available to all users in the starting. As per the announcement, “We’ll be launching the above features to customers in eligible jurisdictions starting in early 2021. We’ll communicate more details closer to the launch of each feature.”
Brian Armstrong, the Co-founder and CEO of Coinbase shared his excitement about the ETH2 support. He tweets, “Excited that we’ll be supporting ETH2! Scalability, privacy, and usability are going to be key to building the cryptoeconomy.”