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Coinbase to enable users to stake and trade Ethereum 2.0 tokens

Nicholas Say
Nicholas Say

The next generation of Ethereum is finally comes to fruition as the target launch date is set for December 1. Just hours before the upgrade, the major currency exchange Coinbase announced the firm would add ETH 2.0 staking and trading features to its services. Alongside with those additional services, the Coinbase team also plans to support interoperability between ETH and ETH 2.0 tokens and to offer rewards for users who choose to stake their tokens.

As a means of further explanation, the firm stated,

While staked ETH2 tokens remain locked on the beacon chain, Coinbase will also enable trading between ETH2, ETH, and all other supported currencies providing liquidity for our customers.”

The firm, however, noted that in case users opt to stake their tokens in the Ethereum 2.0 smart contract, the funds will be blocked for an undefined period. In response to Coinbase’s announcement regarding the lockout, the community has shown no concerns. Instead, they have staked over 855,000 staked ETH in the ETH 2.0 deposit contract, according to the latest data. Further details on the new plan will come, “closer to the launch of each feature.” For the moment, the firm only disclosed that the availability of these features is set in early 2021.



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