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Seeking Alpha 2022-08-24 22:06:52

Coinbase rolls out wrapped staked token for ethereum before merge

Coinbase Global (NASDAQ:COIN) is set to launch Coinbase Wrapped Staked ETH, or cbETH, which will allow ethereum (ETH-USD) tokens to be staked via the cryptocurrency exchange, it wrote in a series of Twitter posts Wednesday.Users will be able to transfer the liquid staking token starting August 25 at 9:00 p.m. PT (12:00 p.m. ET), ahead of ether's (ETH-USD) estimated transition to Proof-of-Stake from Proof-of-Work, known as "The Merge," on September 15.The move will allow users on Coinbase's (COIN) platform to use their staked ether (ETH-USD) while earning crypto rewards.Unlike traditional staking, liquid staking enables users the ability to access their funds even when they're held up. "Locked staked assets are wrapped into transferable tokens that represent ownership of the underlying staked assets, and any rewards earned," Coinbase said in a recently published white paper."With cbETH, Coinbase aims to contribute to the broader crypto ecosystem through creating high-utility wrapped tokens and open sourcing smart contracts," Coinbase noted.Previously, (August 17) Coinbase to benefit meaningfully from ether merge.

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Coinbase rolls out wrapped staked token for ethereum before merge

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