Coinbase Custody has become the largest staking service for Tezos

Custodial service Coinbase Custody has become the largest staking operator, despite high fees forusers.

The Block analyst John DantoniDantoni) reports that as of March 30, the service held 65 million Tezos (XTZ). The current price of the coin is $1.67, so in total the service stores $110 million worth of XTZ.

Other major stakeholder services for Tezos are the Kraken and Binance exchanges - 30 and 27 million XTZ, respectively. At the same time, the three largest services store 19% of the total number of coins.

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The Coinbase Custody staking service was launched in the spring of 2019. At the same time, the XTZ staking service was not particularly popular until the end of last year.

So, in terms of the number of coins, Cryptium Labs and Polychain Labs bypassed it. Only in mid-December last year, the number of XTZ in Coinbase Custody exceeded their volume in Polychain Labs.

Interestingly, Coinbase Custody takes the largest commission for XTZ staking - 25%. For comparison, the Kraken exchange commission is 7.25%, and the Binance platform does not charge commission fees at all.

It was recently reported that the Tezos Foundation, which owns $635 million in assets, awarded $37 million in grants to Tezos ecosystem developers in the second half of 2019.

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