Polygon ($MATIC) Staking Will Now Have Support By Coinbase Prime

Dec. 17, 2022
Polygon ($MATIC) Staking Will Now Have Support By Coinbase Prime

The biggest U.S. cryptocurrency exchange’s top brokerage platform, Coinbase Prime, has stated that it now supports staking Polygon (MATIC), enabling them to get benefits while helping with network security.

Moreover, The firm noted that via its interface, investors may benefit from “institutional-grade, fully integrated staking.

Staking is currently possible for many different cryptocurrencies on Coinbase Prime, including Solana ($SOL), Ethereum ($ETH), Tezos ($XTZ), Celo ($CGLD), and Polkadot ($DOT).

Therefore, Coinbase Wallet will stop supporting $XRP, $XLM, $ETC, and $BCH from January 1, 2023.

Furthermore, retail investors cannot use Coinbase’s Prime platform; instead, only approved people and institutions may do so.

Additionally, the exchange has made known that it wants to uphold its promise to offer the airdrop of the Flare ($FLR) token to users who owned $XRP at the time of the snapshot, which occurred on December 12, 2020.

In addition to an “advanced trading platform and premier service so you can manage your crypto assets in one location,” Prime offers an “integrated solution that provides the same safe offline storage” as Coinbase Custody.

Holders of XRP in “supported jurisdictions” will get the airdrop, Coinbase informed its users in a series of tweets.

FLR trading is “anticipated to generally be available in Coinbase’s supported jurisdiction,” the exchange said, adding that it cannot guarantee support for any specific country.

Note, Coinbase was one of the cryptocurrency exchanges that removed $XRP from its exchanges after Ripple and two of its executives were sued by the SEC.

Coinbase also said they traded unregistered securities when they issued XRP coins valued at $1.3 billion. Ripple disputes that XRP is a security.

It is important to be aware that Coinbase Wallet may only access supported networks and store “supported coins.

Polygon ($MATIC) Saw A Decrease Of 5.7% 

Former U.S. President Donald Trump released his superhero-inspired NFTs on Polygon yesterday. In just 24 hours, the value of its native token, MATIC, fell by 5.7%.

Many would have predicted that the increase that followed former American president Donald Trump’s launch of a limited edition collection of NFTs released on the blockchain would positively impact the price of Polygon (MATIC).

Per Coinmarketcap data, the price of MATIC is currently at $0.8348, a 5.7% decrease from its highs in the previous day.

Trump’s NFT collection might not have made a positive impact on Polygon pricing.

Trump NFTs appear to be working wonders for Polygon’s visibility, but shockingly, the blockchain hasn’t mentioned the project.

The e-commerce site Flipkart, the Web3 game software Yeeha Games, and the blockchain data system The Graph were all highlighted in the Polygon Weekly Briefing show.

Related Reading | Ethereum Upcoming Hard Fork Will Allow Staked ETH Withdrawals In March 2023

However, it made no mention of the collection of Trump Digital Trading Cards.

Approximately 14% of the Trump NFT purchases, according to a social media user, were first-time Polygon users.


Ammar Raza

Associate editor
Skilled in crafting compelling content, with a deep enthusiasm for blockchain technology. I offer precise and easily comprehensible perspectives on cryptocurrencies, decentralized finance, and the ever-evolving landscape. Count on me as a reliable resource to remain informed about the latest advancements in the world of crypto.