Coinbase CEO: Staking Service will not Shut Down Despite Facing Lawsuits

Crypto exchange Coinbase will continue operating its crypto staking service despite facing lawsuits from state and federal regulators over the program and several of its other offerings, Coinbase CEO Brian Armstrong said Wednesday.

“We're not going to wind down our staking service,” Armstrong said. “Again, as these court cases play out, it's really business as usual.” He noted that the exchange’s staking service accounts for about 3% of overall net revenue.

Coinbase Staking is a cornerstone of the company's strategy to diversify its trading fee-dependent revenue base. SEC has been targeting staking services provided by centralized exchange, and another US exchange, Kraken, has shut down its staking service earlier this year.

According to Dune dashboard by @hildobby, Coinbase now accounts for 10.35% of $ETH staking market share.