Crypto Coinbase is not a new name for business people. This is a large and reliable Crypto trade of America. Now the name of Coinbase is in the headlines because the platform has claimed that cryptocurrency investors in 4 American states have suffered a huge loss of about $ 90 million, or about Rs 750 crore. Coinbase Crypto Trade claimed that the four states of America have been banned from earning stating rewards in California, Brandnew Jersey, Maryland and Wisconsin.
What is staking, understand in easy language
Now you will not understand this whole matter until you do not understand Staking. Actually, staking in the Crypto market means locking our crypto coin in a system in the same way that we FD our money in the bank and interest is paid by the bank on it. When such crypto coin is put in the staking process, the investor is given a crypto reward as a staking rewards in return, which is banned by 4 American states. Coinbase has informed that since June 2023, crypto investors have not been able to get staking rewards in these 4 states.
How much damage to crypto investors in 4 American states
Crypto investors have suffered a lot due to the ban on Staking Rewards in the 4 American states mentioned above, the state -wise figures are as follows –
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California: Loss of about 71 million dollars (about 592 crore rupees)
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Brandnew Jersey: Loss of about $ 12 million (about 100 crore rupees)
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Maryland: Loss of about 5 million dollars (about 42 crore rupees)
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Wisconsin: Loss of $ 3 million (about 25 crore rupees)
Why is coinbase fighting?
In this entire controversy, an official statement from Coinbase has been released on the social media platform “X”, stating that the rights of staking rewards in 4 American states are in danger. That too in a situation when 5 states along with SEC (US financial regulator) in the US have removed their cases and have shown softening in the policy towards cryptocurrency, yet it is banned in California, New Jersey, Maryland, Wisconsin and investors have lost their hands with a $ 90 million reward. Coinbase has said that we will continue to fight for the protection of this right of investors.
Conclusion
Many experts have so far agreed that crypto currency is future currency. In such a situation, the controversy over Coinbase’s staking rewards is related to the rights and earnings of the people, but unless there is transparency in the rules, investors will have to face risks.
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