Coinbase Custody, the custodial service arm of the US popular crypto exchange, has expanded its integration with blockchain infrastructure firm Bison Trails to allow users to stake their CELO tokens.
Bison Trails now enables holders of this utility and governance token to run their own validators or simply custody their CELO offline and delegate the stake to the company’s validator. The addition enables users to earn dividends or interest on their Celo holdings just for depositing and holding the token without leaving the Coinbase Custody interface.
“We’re focused on lowering the barriers to participation in blockchain networks. By extending our integration with Coinbase Custody to Celo, we are improving the user experience of staking securely,” said Joe Lallouz, CEO of Bison Trails.
Celo Provides a Comprehensive Crypto Offering
Celo is an open-source platform building a utility and governance asset, Celo Gold, as well as a dollar-pegged stablecoin. Dubbed ‘Celo Dollar,’ the startup promises to be a stablecoin to rival Libra and is backed by a collateral reserve of Celo Gold and other digital assets.
The company is also working on its own blockchain which operates as a proof-of-stake network that aims to provide users with accessible financial tools without having to manage a crypto wallet.
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As explained by the exchange, Celo enables users to send, receive, and store its stablecoins even with people who do not have the app, using just their phone number.
The expanded integration with Bison Trails comes in the context of huge interest from crypto investors who were open to the idea of earning interest on their crypto assets. Coinbase Custody is no stranger to staking rewards as it has originally introduced the staking service for Tezos (XTZ) in March 2019.
“The extension of the Bison Trails’ integration with Coinbase Custody to include CELO represents a growing interest for effortless ways to stake on new networks among institutional investors,” said Sam McIngvale, Head of Coinbase Custody.
Meanwhile, Coinbase is not the only one platform doing staking as other large crypto exchanges also move toward staking-as-a-service offerings. One of Coinbase’s biggest rivals Binance made a push of its own into this space earlier last year.
Coinbase Custody is part of Coinbase which claims over 25 million global customers and is ranked as the largest platform for cryptocurrency trading and other related services in the US. The service has scaled to serve more than 500 clients and $15 billion in crypto assets under custody.