Coinbase Custody to Support Polkadot Staking of DOT Tokens

Coinbase Custody to Support Polkadot Staking of DOT Tokens

With the assistance of blockchain infrastructure firm Bison Trails, Coinbase Custody announced that it is launching staking support for holders of Polkadot’s DOT tokens.

The integration allows DOT holders to keep their tokens in vaults offline for Coinbase Custody and to stake them through validators for Bison Trails. DOT staking is integral to the proof-of-stake (PoS) network of Polkadot, which is said to reward those who commit their tokens with returns of up to 20 percent.

“For people who custody with Coinbase Custody and want to stake with secure and highly available Bison Trails validators, this integration is a game changer,” Joe Lallouz, CEO of Bison Trails, said in a press statement. “DOT holders now have the unique ability to utilize both our leading blockchain infrastructure and the leading custodian of crypto assets to ensure tokens are secure and that they are earning participatory rewards.”

The integration follows partnerships with multi-chain interoperability protocol Polkadot with Bison Trail and Coinbase Custody in February. Coinbase Custody allowed account holders to claim DOTs, and Bison Trails ran one of the first Kusama “Canary Net” validators on the experimental. Polkadot’s mainnet has not yet been launched.

Bison Trails and Coinbase: Integration for the Future

However, Bison Trails and integration with Coinbase will extend beyond Polkadot. As PoS models take on greater prominence in the cryptosphere, Sam McIngvale, CEO of Coinbase Custody, who called staking “increasingly important,” said in the press statement that partners such as Bison Trails will be invaluable resources for customers.

Staking “provides Coinbase Custody clients, many of whom have obligations to their investors, with a crypto-native way to participate in network rewards while also contributing to the security and governance of the ecosystem,” McIngvale said.

Bison Trails and Coinbase Custody plan to extend the staking service over time to other blockchains.

The two members of the Libra Association have worked together before on issues of staking. Notably, in late January, both joined a lobbying organization called the Stake Alliance proof. Also a member is the Web3 Foundation which leads the development of Polkadot.

In a related context, As Tezos (XTZ) staking has apparently become more popular in recent months, the service will soon be available on another United States crypto-currency exchange. Binance.US, the U.S. arm of the world’s largest crypto-exchange, Binance, will launch this week’s staking rewards.

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Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.