Coinbase Launches Crypto Staking in New York

After navigating New York's stringent crypto regulations, Coinbase has announced the launch of its staking services in the state. This move opens up yield-earning opportunities to New York residents for the first time.

Available Staking Options

New York users can now stake the following cryptocurrencies on Coinbase:

• Ethereum (ETH)
• Solana (SOL)
• Cosmos (ATOM)
• Cardano (ADA)
• Avalanche (AVAX)
• Polygon (MATIC)
• Polkadot (DOT)

The highest APY is reportedly available on Cosmos (ATOM), exceeding 16%. Ethereum (ETH) staking currently yields an estimated 1.9% annually.

Regulatory Hurdles and Approval

Coinbase has been working for years to gain approval for its staking services in New York. Securing this agreement marks a significant achievement, allowing the exchange to offer these services in 46 U.S. states. California, New Jersey, Maryland, and Wisconsin still maintain restrictions on crypto staking.

The specifics of the agreement between Coinbase and the New York Department of Financial Services (NYDFS) remain undisclosed. A request for comment from the NYDFS went unanswered. It is unclear if Coinbase had to meet specific conditions to gain approval.

This announcement follows the recent resignation of Adrienne Harris, New York's top crypto regulator, after four years of service. In 2023, Harris oversaw a $100 million settlement with Coinbase related to compliance failures.

Key Takeaways

• Coinbase staking is now available in New York.
• A range of cryptocurrencies are available for staking, with varying APYs.
• The approval follows years of regulatory negotiations.