Coinbase announced Wednesday it has begun offering crypto staking services in New York, after years of carving the state out of its lucrative yield programs due to regulators’ objections. New Yorkers can now earn yield by staking deposits of Ethereum, Solana, Cosmos, Cardano, Avalanche, Polygon, and Polkadot on Coinbase. The most high-paying of those programs offers an estimated APY of over 16% on staked Cosmos. The company’s Ethereum staking program, by far its most popular, earns an estimated annual yield of 1.9%.
“Thanks to Governor Hochul’s leadership in embracing progress and providing clarity, this milestone marks a meaningful step forward in ensuring residents of the Empire State have access to the same economic opportunities already open to most other Americans,” Coinbase said today in a statement. Coinbase has been attempting for years to get its staking services approved in New York, one of the U.S. states with the toughest crypto regulations. The exchange’s staking programs are now available in 46 states, including New York—but not California, New Jersey, Maryland, or Wisconsin, which all still limit the practice.
A representative of the New York Department of Financial Services, which regulates the state’s crypto industry, did not immediately respond to Decrypt’s request for comment regarding when a deal with Coinbase was reached on staking, or whether the crypto exchange had to fulfill any obligations to reach such an agreement.
Russian President Vladimir Putin has signed a landmark cryptocy law establishing the country's first comprehensive regulatory…
Coinbase has launched 24-hour, five-day-a-week trading for nearly 4,000 U.S. stocks for eligible customers in the United Kingdom, marking another major…
Shaw Walters, founder of Eliza Labs, has declared the project's native ELIZA token "dead" and confirmed that the Eliza…
The Web3 fitness platform Step App has announced it will permanently shut down after four years in…
The Digital Asset Market CLARITY Act is running out of time in the U.S. Senate as lawmakers scramble to…
Cloudflare has unveiled Cloudflare Wallets, a new programmable stablecoin wallet system that allows AI agents to independently pay for…