Coinbase Cloud Integrates Kiln Platform for ETH Staking

The Coinbase Cloud division will enable users to engage in self-staking with amounts below the 32 ETH minimum threshold through the Kiln platform integration.

6/6 ? Learn more about how our Partial ETH Staking solution can empower your users with accessible, secure, and transparent staking options.https://t.co/SAFJB57stN

— Coinbase Cloud ?️ (@CoinbaseCloud) September 11, 2023

Coinbase Cloud noted that in 99% of Ethereum addresses, funds stored are such that they do not permit participation in staking without third-party services such as Lido Finance or Rocket Pool.

According to the statement, Coinbase Wallet will soon become the first wallet to offer ETH holders the ability to earn passive income without a minimum balance requirement while maintaining control over their assets.

Kiln, via smart contracts, pools users’ funds to collectively overcome the 32 ETH cap. The platform integration will allow Coinbase Cloud clients to lock and withdraw from staking the cryptocurrency in any amount at a time that suits them.

According to Kiln co-founder and CEO Laszlo Szabo, the joint solution will also provide access to the service for external wallet providers and platforms, including DEX.

The product is built on Coinbase Cloud’s existing staking infrastructure.

Earlier in June, the SEC filed a civil lawsuit against Coinbase. Among other charges, the agency raised concerns about the Earn staking program.

The product has also drawn regulatory scrutiny from several states. In July, the company paused service operations in California, New Jersey, South Carolina and Wisconsin.