Coinbase launches crypto staking service in New York

ChainCatcher news, according to Decrypt, Coinbase has announced the launch of crypto staking in New York, allowing users to stake Ethereum, Solana, Cosmos, Cardano, Avalanche, Polygon, Polkadot, and more. Cosmos is expected to have an annual yield of over 16%, while Ethereum is around 1.9%. Coinbase stated that it is advancing the launch under clear state regulations.

Its staking service currently covers 46 states, excluding California, New Jersey, Maryland, and Wisconsin. This move follows the resignation of former New York Department of Financial Services Superintendent Adrienne Harris, who reached a $100 million settlement with Coinbase in 2023 regarding compliance and monitoring deficiencies.