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Coinbase ETH Staking Service Hits A Snag, Rewards Payout On Temporary Hold

Published 17/05/2023, 09:45
© Reuters Coinbase ETH Staking Service Hits A Snag, Rewards Payout On Temporary Hold

Benzinga - Cryptocurrency exchange Coinbase (NASDAQ:COIN) has temporarily stopped payouts for its Ethereum (CRYPTO: ETH) staking service due to a minor technical issue, the company said on Tuesday.

What Happened: The exchange assured its users that the rewards are still being accrued and that the payouts will be set once the issue is resolved — a process expected to take between 48 and 72 hours.

Coinbase’s ETH staking service, which currently offers a 6% rate, allows users to deposit their ETH and earn rewards without having to meet a minimum deposit requirement of 32 ETH.

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Why It Matters: It’s important to note that the decision to halt the staking service is unrelated to the Securities and Exchange Commission’s (SEC) recent actions against ETH staking infractions.

The SEC had expressed concerns about staking services violating securities laws and has already fined Kraken $30 million for failing to register its staking service.

Earlier in March, Coinbase received a Wells Notice from the SEC alleging that the company’s staking products constitute unregistered securities.

Price Action: At the time of writing, ETH was trading at $1805, down 1.01% in the last 24 hours, according to Benzinga Pro.

Read More: Bitcoin, Ethereum, Dogecoin Rise Despite Recession Fears: Analyst Forecasts ‘Crypto Summer’ This June

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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