Blockchain News

Coinbase Prime Starts Supporting Polygon ($MATIC) Staking

Coinbase Prime, the Nasdaq-listed cryptocurrency trading platform Coinbase’s prime broker platform, has begun offering Polygon ($MATIC) staking services to its users, allowing them to earn rewards while helping secure the network.

The company noted in a tweet that investors can earn rewards through “institutional-grade, fully integrated staking” on its interface.

Staking is currently available for Solana ($SOL), Ethereum ($ETH), Tezos ($XTZ), Celo ($CGLD), and Polkadot ($DOT) on Coinbase Prime. The exchange claims that Prime provides a “integrated solution that provides the same secure offline storage” as Coinbase Custody, as well as a “advanced trading platform and prime service so you can manage your crypto assets in one place.”

Coinbase’s Prime platform is not available to retail investors, but rather to individuals and institutions who meet certain eligibility requirements.

According to CryptoGlobe, the exchange has also recently revealed its intention to support the Flare ($FLR) token airdrop for users who held $XRP at the time of the snapshot, which was on December 12, 2020.

The airdrop will be distributed to XRP holders in “supported jurisdictions,” according to a series of tweets Coinbase shared with its users. The exchange clarified that it cannot guarantee support for any specific jurisdiction, but that FLR trading is “expected to be generally available in Coinbase’s supported jurisdictions.”

Notably, Coinbase was one of the cryptocurrency exchanges that delisted $XRP after the SEC sued Ripple and two of its executives, alleging that they sold unregistered securities when they issued $1.3 billion in XRP tokens. Ripple claims that XRP is not a security.

Coinbase announced earlier this month that its self-custody crypto wallet app Coinbase Wallet would discontinue support for four major cryptoassets, including XRP, in January 2023 due to “low usage.”

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