Leading cryptocurrency exchange Coinbase has announcement the launch of the Ether (ETH) staking service for institutional investors in the United States. This comes as the Ethereum network nears its long-awaited Proof-of-Stake (PoS) network transition.
Post-launch, US institutional investors can now invest ETH with Coinbase Prime accounts and participate in post-PoS return sharing, expected before the end of the year.
Coinbase Prime gives investors access to several services
The new Coinbase Prime account allows institutional investors to access different services such as advanced trading, staking, and offline storage. The new account allows customers to stake their ETH on Coinbase with ETH2 used to represent the staked crypto asset.
ETH2 and ETH prices are identical. Coinbase said that after the completion of the Ethereum PoS upgrade, the two tickets ETH and ETH2 will merge into a single ticker: ETH.
Your capital is in danger.
Coinbase added that institutional customers with Coinbase Prime have several options when accessing other crypto assets. They can access staked services for Polkadot, Solana, Tezos, Cosmos, Celo and other assets.
The merger should improve scalability
Ethereum’s transition to Proof of Work (PoS), also known as The Merge, is one of the most anticipated upgrades in the crypto industry.
The proof-of-work (PoW) consensus algorithm has been criticized for its many problems, including its high cost and power consumption. But the PoS network will bring many benefits. It is expected to significantly reduce the power consumption of the Ethereum blockchain and improve scalability, as well as security.
This will represent a formal adoption of the Beacon Chain, the backbone of the ETH 2.0 architecture. The merge has gone through several stages of testing and is currently in its final phase of testing before launching.
Last week, the network developers said that the final testnet will be deployed between August 6 and August 12. After completing the testnet without serious issues, the developers plan to implement the merge on September 19.
In anticipation of the merger, Ether holders deposited over 13.8 million ETH on the Beacon chain. The total amount now staked is 13,877,800 ETH, valued at $21.9 billion at the time of writing.
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