Coinbase Custody Implements Polkadot Token Staking Through Bison Trails
Cryptocurrency exchange custodian Coinbase and infrastructure blockchain provider Bison Trails have partnered to provide customers with staking services for their own Polkadot DOT token following the launch of the protocol. Writes about this The Block.
As Bison Trails announced this Tuesday, Coinbase Custody customers will be able to delegate DOT tokens to its validators for staking rewards..
“Reciprocal customers supporting the validator node (s) will see the Bison Trails infrastructure in the Coinbase Custody product and will be able to delegate by selecting it from the drop-down list in Coinbase Custody. All other Coinbase Custody clients will see the Bison Trails community nodes as an option for delegation, ”the company said..
Coinbase Custody currently supports Tezos (XTZ) staking and is the largest validator on its system.
“Staking is becoming an increasingly important element of the cryptocurrency ecosystem,” said Sam Mcingvale, CEO of Coinbase Custody. – It provides Coinbase Custody clients, many of whom have commitments to their investors, a way to participate in earning rewards while contributing to the safety and governance of the ecosystem. By working with Bison Trails, we will be able to offer customers an easy way to participate in Proof-of-Stake networks such as Polkadot (DOT). “.
Polkadot is being developed by Ethereum co-founder Gavin Wood and is set to launch in a few months. In October 2017, the project held a $ 145 million token sale, and last year organized a closed fundraising campaign, without announcing its results, but focusing on the amount of $ 60 million.
“While it is difficult to predict for the coming weeks and months, we will continue to tackle the top priority of launching the Polkadot decentralized network,” Wood wrote last week, commenting on possible embarrassment due to the coronavirus pandemic..
In the near future, Coinbase Custody and Bison Trails intend to integrate support for additional cryptocurrencies for staking, following the same model..