On May 28, Coinbase announced that it would support Tezos (XTZ) staking rewards for many European countries for them to earn simply by holding crypto. The feature, which was first made available to US customers, sees Coinbase stake on behalf of customers with the latter receiving the rewards directly to their accounts. The countries initially supported are the United Kingdom, France, Spain and the Netherlands.

Coinbase states that this is an easy way for users to receive funds, in exchange for their contributing towards helping secure a network. US consumers have already received $2 million in Tezos staking rewards, so there is a lot to be gained for European users. The announcement reads,

With yields on savings accounts and government bonds at record lows — and in many cases negative — in the UK and across Europe, staking offers our customers a simple way to earn rewards on assets held in their Coinbase accounts.

Coinbase has estimated that the annual return is about 5%, with the holding period being 30-45 days. The underlying return rate is determined by the Tezos network and Coinbase does keep a portion of the commission. To get started, users simply have to buy Tezos on Coinbase or deposit some XTZ into their Coinbase wallet.

Coinbase has made the news for several reasons lately. It recently listed the OmiseGO (OMG) token to both its professional and standard platforms, secured JPMorgan Chase as a banking services partner and invested in Indian exchange CoinDCX.