Coinbase has extended staking access to New York residents in order to enable rewards on multiple assets following negotiations with state regulators.
Following this announcement, this initiative represents an important step forward in the process of ensuring that residents of New York have access to improved economic opportunities that are already available for other US residents.
The process of staking assets represents a simple way for customers and clients to put their digital assets to work, securing blockchain networks and receiving rewards in return. Coinbase will remain committed to providing secure, compliant, and trusted services through its platform, while also meeting the needs, preferences, and demands of users in an ever-evolving landscape.
More information on Coinbase’s staking expansion to New York
According to the official press release, the process of staking is essential to the operation of many of the world’s blockchains, as it is also rewarding for the staker: in exchange for securing the network by staking, the individual has the possibility to earn more of the network’s tokens. With this expansion, New York residents will be allowed to start earning rewards on their ETH, SOL, and other assets directly on Coinbase’s platform.
Coinbase has been attempting to get its staking services approved in New York for a while, as the region represents one of the US states with the toughest crypto regulations. The exchange’s staking programs are currently available in 46 states, including New York. The company also mentioned that residents in California, New Jersey, Maryland, and Wisconsin have collectively missed out on more than USD 130 million in staking rewards due to state-wide bans. Furthermore, it advocated for equal access to crypto staking, arguing that state-specific regulations have also created an uneven landscape for American residents, and that the money should not be `left behind`. Despite regulatory hurdles in certain states, the company is set to remain committed to expanding its services nationwide.
This announcement comes after Coinbase enabled its users to send USDC instantly, regardless of destination, and with the possibility of not facing fees. Through this move, the firm intended to facilitate more simplified, global peer-to-peer (P2P) payments for its users, allowing them to send money only by using a phone number, if they choose to do so.