Coinbase offers staking service for Cosmos (ATOM)

Coinbase announced on Tuesday (29) that selected customers will be able to participate in the cryptomoedas Cosmos (ATOM) staking.

The service will only be available in the US, UK, France, Spain, Netherlands and Belgium.

Cosmos is a Proof-of-Stake blockchain ecosystem. Its goal is to create an „Internet of blockchains“. By using multiple blockchains, it hopes to provide a more scalable alternative to today’s popular blockchain platforms such as Ethereum, which often strives to support a large number of transactions.

Coinbase had previously added support for the Tezos blockchain platform. In May, the exchange distributed over $2 million in rewards in its native currency, Tezzies – and probably more since then.

Proof-of-stake blockchains allow currency owners to „stake“ their funds to participate in the network’s administration. In return, they receive coins, in a kind of interest, or dividend. But if they behave maliciously, they can lose their coins. The concept is designed to encourage a decentralized support network.

After the announcement, the price of ATOM rose by 5.6%. By the week’s end, cryptomime was up 24%.