Aug 27, 2020 at 15:31 UTCUpdated Aug 27, 2020 at 15:47 UTC
Coinbase Custody CEO Sam McIngvale (CoinDesk archives)
Coinbase Custody and Bison Trails announced on Wednesday that users would now be able to stake their solana (SOL) tokens on Bison Trails platforms.
- In an announcement posted on its website, blockchain infrastructure firm Bison Trails said this would allow SOL token holders to partake in the Solana network through secure, offline storage to stake the tokens. This would allow users to move the SOL token to Bison Trails’ platform.
- While Solana has yet to determine the reward rate for users who choose to stake their tokens, Bison Trails CEO Joe Lallouz said there would be a “warmup” period for the staked tokens allowing them to become active so token holders can start earning rewards.
- In April, Coinbase Custody, the digital asset custodial arm of the San Francisco-based cryptocurrency exchange, also announced it would support staking of Polkadot tokens through Bison Trails’ platform.
Read more: Coinbase Custody to Support Polkadot Staking With up to 20% Returns
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