It’s no secret that cryptocurrency exchanges are constantly looking for new ways to increase revenue and profit. One popular method is through staking coins.
Staking is the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In return, users are rewarded with newly minted coins or transaction fees.
Coinbase, one of the largest and most popular cryptocurrency exchanges, recently announced that it would be adding staking support for the altcoin Ethereum Classic (ETC). This marks the first time that Coinbase has offered staking services for any coin other than Bitcoin.
The move is seen as a way to further legitimize Ethereum Classic, which has lagged behind other major cryptocurrencies like Bitcoin and Ethereum in terms of adoption and development. It also provides Coinbase users with an easy way to earn interest on their holdings.
To start earning interest on your ETC holdings, simply deposit them into your Coinbase account and leave them there for at least 30 days. Interest will be paid out monthly in ETC, and there is no minimum balance required.
It’s important to note that staking is different from investing, and comes with its own risks. For example, if the value of ETC falls sharply, you could end up losing money.
However, if you’re interested in earning some extra income from your crypto holdings, staking could be a good option to consider.