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>>Coinbase now offers staking services in New York, potentially allowing residents to earn rewards in Ether.

Coinbase now offers staking services in New York, potentially allowing residents to earn rewards in Ether.

crypthub

about 11 hours ago

Coinbase Staking in New York Launched

Coinbase now offers staking services to eligible residents of New York, allowing them to earn rewards on assets like ETH and SOL. This launch follows state regulatory approval and addresses prior bans that prevented New Yorkers from participating in staking programs. Coinbase credits New York Governor Kathy Hochul for regulatory clarity which enabled this approval.

How Staking Works

Eligible New York residents with verified Coinbase accounts can opt into staking through the app or website. The process involves identity verification and choosing the asset to stake (e.g., ETH or SOL). Coinbase handles validator operations and reward distribution, with rewards paid out based on blockchain protocols.

Regulatory Context & Expansion

Recent dismissal of lawsuits in several states has lessened legal uncertainty around staking services. Coinbase estimates over $130 million in missed rewards for residents of other states due to previous restrictions. The company plans to expand staking services to more U.S. jurisdictions as approvals are obtained.