Coinbase Receives Negative Feedback for Hiking Tezos Staking Fees to 25%
As Staking has become more popular in the cryptocurrency world, Coinbase is hiking its staking fees for Tezos (XTZ) to 25% on its platform, which has left many users outraged. Despite Coinbase being among the largest, most trusted exchanges in the entire industry, it is still charging a whopping 25% commission on Tezos (XTZ) staking. Staking was officially rolled out by Coinbase in November of last year.
According to the exchange’s Prices and Fees Disclosure, “Coinbase will distribute this reward to you after receipt by Coinbase, minus a 25% commission.”
Coinbase has often been criticized for its high fees in the past. The exchange has been capitalizing on the staking trend in blockchain but has also set the price for its services extremely high, and the crypto community isn’t liking the flagrant fee hike.
Coinbase has not responded to criticisms over its commission rate.
Coinbase is charging people 25 percent to stake Tezos (XTZ) on its platform, which has left many users outraged and demanding answers.
With the rollout of cryptocurrencies like Cardano (ADA) and its shelley testnet, and the Cardano team making staking must much transparent and accessible. Users can easily delegate their Cardano to staking pools and receive the funds directly to their wallets, with fees being transparently displayed.
Fresh out now, a new #Daedalus wallet for the #Shelley Incentivized Testnet. We’ve worked on network & backend integrations + added fresh UI features & hardware/Yoroi wallet restoration. Oh, and some ‘experimental’ features too. Give it a test drive… https://t.co/yl0e7XXS8f pic.twitter.com/BYAvSZSwtx
— Input Output (@InputOutputHK) February 18, 2020