Coinbase launches digital asset staking in New York State

Digital asset (cryptocurrency) exchange Coinbase will begin offering digital asset staking services in New York State. New York has been a region where staking was not possible due to regulatory issues.

On the 9th (local time), according to Decrypt, Coinbase said New York State customers can deposit major assets such as Ethereum (ETH), Solana (SOL), Cosmos (ATOM), Cardano (ADA), Avalanche (AVAX), Polygon (MATIC), and Polkadot (DOT) to receive up to 16% annual interest.

The resumption of this service took place immediately after Adrienne Harris, the former head of the New York Department of Financial Services (NYDFS), resigned. Former Superintendent Harris previously secured a $100 million settlement in 2023 over Coinbase's transaction surveillance and violations of banking law.

Coinbase's staking service is currently available in 46 states, including New York. Staking services are restricted in California, New Jersey, Maryland, and Wisconsin.

Coinbase said, "Clear regulation has been established thanks to Governor Kathy Hochul's leadership," and added, "Now New Yorkers can be offered the same income-generating opportunities."