Coinbase Prime Launches Institutional Staking for Toncoin
Coinbase Prime has introduced staking support for Toncoin, allowing institutional investors to earn yield on the token associated with The Open Network. This addition enhances Coinbase's offerings in the proof-of-stake sector, which already includes major assets like Ethereum, Solana, and Avalanche. The staking rewards for these assets are credited directly to users' wallets, with Coinbase deducting its fees. The platform has maintained a record of zero slashing incidents in its staking operations, addressing a significant concern for institutional clients.
The Open Network, which began as a project linked to the messaging platform Telegram, has developed a comprehensive staking ecosystem. This includes liquid staking derivatives such as tsTON, enabling token holders to stake while maintaining liquidity for decentralized finance (DeFi) activities. One of the prominent staking entities within this ecosystem, TON Strategy, has reportedly staked over 220 million TON tokens, generating approximately $3.3 million in rewards in a single month earlier this year.
Prior to this announcement, Coinbase Prime had already been facilitating transactions and providing custody services for Toncoin. Although some users experienced delays with TON transfers, the custody infrastructure was operational. The introduction of staking is expected to attract more institutional interest, as it allows investors to transform idle assets into yield-generating positions, thereby enhancing their overall portfolio performance.
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Source: KLEA News