April 1, 2023

Coinbase Custody Adds DOT Staking After Polkadot Blockchain Launches

Coinbase Custody will add Polkadot project DOT coin staking after blockchain launch with the assistance of a supplier Bison Trails Infrastructure Solutions.

Founder and CEO of Bison TrailsJoe Lallouz said Coinbase Custody customers will be able to delegate DOTs to validators to receive a reward for staking. The Bison Trails infrastructure will be introduced in the Coinbase Custody product and will be visible to customers launching their own validation nodes through Bison Trails. They will be able to conduct delegation by selecting the required node from the drop-down list in Coinbase Custody, and other Coinbase Custody clients will see the “public” Bison Trails nodes for delegation. In the near future, Bison Trails plans to add support for other cryptocurrencies for staking.

“Thanks to staking, Coinbase Custody customerswill be able to participate in the distribution of awards and contribute to improving the ecosystem’s safety and management. By working with Bison Trails, our customers can easily become members of the Proof-of-Stake network, ”said Coinbase Custody CEO Sam McIngvale.

Polkadot project created byEthereum co-founder Gavin Wood will be launched this year. In October 2017, Polkadot held an ICO, raising about $ 145 million on it, and last year conducted a closed sale of tokens, hoping to attract about $ 60 million, but its results were not published. Wood recently said that because of the coronavirus, it’s hard to pinpoint the exact launch dates for the Polkadot network, but the developers will make every effort to complete this task.

Recall that in January Coinbase Custody and Bison Trails joined the Proof of Stake Alliance (POSA), urging regulators to develop provisions for the regulation and taxation of staking.