Coinbase adds Solana staking

The Bitcoin exchange Coinbase added Solana (SOL) staking to its offerings and announced further expansion of the service.

Find all the details on our blog: https://t.co/Wvw6uq6A4w pic.twitter.com/GWoP3KXGsn

— Coinbase (@coinbase) June 29, 2022

Users will automatically begin earning rewards on their coins in the exchange wallet. The annual rate is about 3.85%, with a minimum balance of $1.

Rewards will be paid out every 3–4 days.

SOL has become the seventh cryptocurrency supported by Coinbase’s staking service after Ethereum (ETH), Algorand (ALGO), Cosmos (ATOM), Tezos (XTZ), Cardano (ADA) and DAI.

“When users stake their cryptocurrency, they make the underlying blockchain safer and more efficient. In return, they receive additional assets from the network, which are paid out as rewards,” the exchange said.

In the last 24 hours, SOL price fell by more than 8% (CoinGecko), with the coin trading just above $32. Compared with the November 2021 all-time high, prices are down 87.5%.

In June, Coinbase announced the launch of nano futures on Bitcoin.

The exchange also announced the closure of the Coinbase Pro platform for professional traders.

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