Tezos Price Rallies, Beats 99 Cryptos on Coinbase, OKEx News
On Thursday morning (UTC time), Tezos (XTZ) is the best-performing coin among the top 100 by market capitalization, surging on news from two major cryptocurrency exchanges.
At pixel time (06:32 UTC), XTZ, ranked 19th by market capitalization, trades at c. USD 1.15 and is up by 27% in the past 24 hours and by 31% in the past week, increasing its monthly gains to 27%. The price is still lower by 14.5% than a year ago. In contrast, the absolute majority of other coins from the top 20 is in red in the past 24 hours.
XTZ price chart
The rally coincided with the news that Coinbase has begun offering staking rewards to its Tezos customers in most American states, in a move that will likely provide the exchange with a profitable new source of income. Moreover, on Thursday morning, another major cryptocurrency exchange, OKEx, announced that it is also launching the XTZ staking service today. Additionally, XTZ spot trading on OKEx also starts today after it was announced earlier this week.
Per an official announcement, Coinbase states that staking Tezos on its exchange platform would allow customers to earn a current estimated annual return of around 5%.
Coinbase stated that customers choosing to stake their Tezos holdings would see “pending rewards increase in real-time on the Coinbase app.”
The company states that after an “initial holding period” of 35-40 days, customers will receive rewards in their accounts every three days.
The exchange offered similar offers to its Coinbase Custody customers earlier this year.
Coinbase wrote, “When you stake your crypto, you make the underlying blockchain of that asset more secure and more efficient.”
Residents of Hawaii and New York are ineligible for the offer, as are customers who have not verified their identity on the Coinbase platform.
Meanwhile, OKEx announced that the estimated annualized yield for staking XTZ is in the range of 2.56%-5.13%. Minimum staking amount is XTZ 50.
Last month, the Tezos Foundation announced it would be tokenizing some USD 25 million worth of a UK luxury property development in conjunction with tZERO.