Coinbase Trashed As The Platform Puts 25% Fee For Staking Tezos

Earlier today the users of Coinbase trashed the platform as they charged a 25% fee for Staking tezos, since they believe that a platform such as Coinbase should charge minimal fees and not make it higher so let’s read more in the coinbase news today.

Staking became extremely popular in the crypto world but the exchanges are seemingly asking for a bigger piece of reward. Despite the fact that users of Coinbase trashed the platform, Coinbase is still among the largest and most trusted exchanges in the industry but we will see how that turns out after the 25% staking fee on Tezos. Staking was rolled out by Coinbase in November 2019.

According to the prices and fees disclosure of the exchange, ‘’coinbase will distribute this reward to your after receipt by Coinbase, minus a 25% commission.’’ Things do not look promising where the staking of the assets is concerned.
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Coinbase even confirmed to its users that they will be able to stake Tezos online and to do so they will use CB As an actually validated baker. Rather than keeping the fees to a minimum, Coinbase will charge a few of 25% which is a crazy amount for all intents and purposes.

The company does have a habit of charging high commissions for virtually everything that someone should do on the platform. Tezos staking commissions across the exchanges all seem to have hovered above the 15 percent mark which is unacceptable. This is also another reason why no one should keep their funds in a centralized exchange as well.

Staking XTZ can be done through other means too with much lower costs. Coinbase has been criticized for high fees before in the past and the exchange was making money on the staking trend in blockchain but also set the price for its services way to high. As one of the users wrote, at least the UI for the exchange is incredible despite the massive commission rate. Some users were also confused over why Coinbase should do this. This could possibly har their business in the long run despite the fact that it now leads the entire market in Bitcoin under custody. Coinbase now has more than 966,230 BTC in the cold wallets and the exchange still has supportive clients that do not need to dissuade XTZ holders.