Coinbase is the largest validator on the Tezos network despite high fees
The custodian division of the American cryptocurrency exchange Coinbase is the operator of the largest validator node in the Tezos system. This is not hampered by the higher fees charged by Coinbase Custody compared to other services, notes The Block.
As of March 30, the company provided 65 million XTZ for staking, which is equivalent to $ 110 million at the current cryptocurrency rate of $ 1.69.
Coinbase is followed by Kraken and Binance in the list of the largest validators of Tezos. In total, the three of them control 19% of the XTZ currently allocated for staking..
Coinbase launched its Tezos staking service in April 2019 and was initially a relatively small player in the cryptocurrency ecosystem. Until mid-December 2019, Polychain Labs was XTZ’s largest staker before being surpassed by Coinbase.
Coinbase charges the largest XTZ staking fee of 25%, while Kraken takes 7.25% and Binance does not apply fees yet.
Earlier, the Tezos network saw the transfer of 9 million XTZ to the Kraken exchange, which, presumably, were deposited into an account for staking..
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