Coinbase is expanding its Tezos staking service to select European countries.
The San Francisco-based exchange announced Thursday that users in the U.K., Spain, France and the Netherlands would now be able to stake Tezos through its proprietary staking service.
"Coinbase is offering an easy, secure way for U.K. and certain [European Union] customers to actively participate in the Tezos network," the exchange said in a press release. "While it’s possible to stake Tezos on your own or via a delegated staking service, it can be confusing, complicated and even risky with regard to the security of your staked Tezos."
Coinbase first launched its staking service in the U.S. back in November. It claims customers have earned well over $2 million in crypto since then. In the press release, the exchange said staking offered a new lucrative alternative to more traditional investments, such as equities or bonds.
Coinbase – which only listed Tezos last July – estimates the current annual earnings for users staking Tezos comes in at around 5%.
A spokesperson for the exchange told CoinDesk it was working with local regulators, in response to a question about why it's only offering the service to four European nations.
"While we are starting with these new markets first, as we expand internationally, we are continuously reviewing and considering additional markets as well," the spokesperson said.