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The US-based crypto exchange Coinbase recently announced support for another crypto.
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The coin that has been added this time is Cosmos (ATOM), which is available in the US and several European countries.
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With this move, Coinbase hopes to fuel the growth of the crypto economy and take over another market.
San Francisco-based digital currency exchange Coinbase recently announced the decision to make another coin available for use. The coin in question is Cosmos (ATOM), and eligible users can now earn 5% APY on their ATOM tokens.
Coinbase adds ATOM to its list of coins available for staking
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Coinbase added several cryptos to its staking platform, and right before that announcement, the exchange launched staking rewards for Tezos (XTZ). Tezos can now be used in the US as well as several European countries such as the UK, Spain, France and the Netherlands.
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As for Cosmos, Coinbase has announced that it will be available in all of the countries mentioned, in addition to Belgium.
The move will allow Coinbase to take over another EU market. Meanwhile, some have speculated that the decision itself came down to the recent announcement by the European Central Bank. A digital finance package was mentioned in the announcement, in which the regulations for merchants and companies dealing with cryptocurrencies were specified.
Now Coinbase has decided to take this new step due to the growing acceptance around the world. The exchange sees it as an easy way to securely provide the benefits of various cryptos to its customers. From the point of view of the exchange, the provision of cryptos in this way will accelerate the growth of the entire crypto economy.
After the announcement, the ATOM price rose by 8.5% as a result of the so-called “coinbase effect”, which is already known in the industry. After all, Coinbase’s staking platform has allowed users in the US to make over $ 2 million in crypto since staking was added to the list of available services.
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