Coinbase Custody is now offering staking on CELO tokens, thanks to a new partnership with Bison Trails. The addition will allow users to earn handsome dividends on their coins.
New integration with Bison Trails
The custodial solution of popular cryptocurrency exchange Coinbase recently expanded its integration with Bison Trails, a blockchain infrastructure company. The integration will allow the users to take their CELO tokens and earn dividends.
CELO is a utility and governance token. Bison Trails users can now run their own validators or custody their CELO tokens offline. This will delegate their stake to the company’s validator. This addition will enable them to earn dividends on their holdings. The users simply need to deposit and hold the coins while ensuring that they don’t leave the Coinbase Custody interface.
Joe Lallouz, Bison Trails CEO commented on the integration and said, “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.”
CELO users gain a new way to earn income
CELO is a utility and governance token, built on an open-source platform. The network’s governance asset is called CELO Gold while its dollar-pegged stablecoin is called the CELO Dollar. The startup claims that the CELO Dollar will compete with Libra. It is backed by a collateral reserve of CELO Gold, alongside some other digital coins.
The company is also working on a blockchain proof-of-stake which provides users with new and innovative financial tools. CELO users can send, receive, and store stablecoins without needing an app. Payments can be made to phone numbers as well.
Crypto investors are currently eyeing staggering growth in staking services which allows them to earn interest for just holding their coins. Coinbase Custody launched a similar staking service for Tezos (XTZ) in March 2019. Other large crypto platforms like Binance have also started pushing for such initiatives.