Finance

Coinbase Cloud Enables APT Delegation, Coinbase Prime Supports Aptos Staking

8 months ago
Bitcoin Ethereum News
Coinbase Cloud Enables APT Delegation, Coinbase Prime Supports Aptos Staking

 Key takeaways

  • Coinbase has revealed two new Aptos-based staking services after the company has set up an Aptos validator under its Coinbase Cloud platform
  • Anyone can now delegate APT tokens to the Coinbase validator directly through the Aptos block explorer, and Coinbase Prime will also offer custodial staking of APT for large-scale institutions
  • Aptos continues to make progress after a strong opening year in Web3, CoinCodex price prediction algorithm has forecasted that trend reversal is imminent for APT

Aptos support added to several key Coinbase services as the company sets up validator node for the blockchain

Coinbase Cloud has announced that it now supports Aptos network infrastructure, setting up a validator node under the name of the platform. Aptos (APT) users can now delegate APT tokens to the CLOUD validator and earn a 7% compounded reward for their contribution, with Coinbase Cloud gaining an 8% operator commission from this amount.

Coinbase has also added Aptos staking through Prime, its prime brokerage arm that serves institutional clients. Coinbase Prime users will gain access to APT staking through a large-scale custodial service, providing annual yield in exchange for a commission.

Aptos has become a favored choice among institutions seeking to launch enterprise-grade dApps owing to its high transaction throughput and fast settlement speeds. The network also uses a unique virtual machine known as Move that enables more complexity and precision when programming smart contracts on the blockchain.

Coinbase Prime’s Aptos staking service reflects the demand that the blockchain has among institutional clients, a demand that was further demonstrated by Aptos’ recent collaboration with NBCUniversal in creating an immersive virtual reality experience for the premiere of The Exorcist: Believer.

Coinbase summarized Aptos’ high-performance layer-1 network in a recent tweet: “Aptos’ engineering innovations in execution and consensus enable a verifiably fast and secure network with gas at a fraction of a cent.” The addition of Aptos to the institutional staking services offered by Coinbase reflects the growth of the network in the first 12 months since its launch date.

A 74% retrace for APT may soon end as algorithm predicts imminent trend reversal

APT has been in a consistent downtrend since forming its yearly high in January 2023 above the $20 price level. This follows a 565% surge that APT enjoyed during January — just 3 months after the token was first released on the open market.

As of today, APT is -74% down from its January all-time high. However, APT has been resting within a key demand zone in the range between $4.90 and $5.40, with sell pressure now seeming to dwindle.

If APT can continue to hold its current level of support, it will have formed a higher low for the first time since January. The CoinCodex algorithm expects APT to re-test its range low in the next 5 days, with a -6.81% price reduction forecasted that would take it back to the $4.90 level.

Over a longer time horizon, the algorithm expects APT’s trend reversal to begin from the bottom of this range. The 6-month price prediction is $8.33, which would be a 58.55% bounce taking APT back above its June to August range. From here, APT may target higher price levels back towards all-time high.

6-month price prediction for APT, via CoinCodex

Bottom line: Aptos continues to gain support from large institutions, CoinCodex algorithm predicts a market bottom

Recent announcements from Coinbase have revealed that Aptos is making progress to achieving one of its core aims: Aptos seeks to become the go-to blockchain solution for enterprise-grade dApps, and Coinbase Prime’s APT staking platform will offer Aptos support to its exact target market.

The Coinbase Cloud validator will also enable retail investors to stake APT for a generous annual yield, with the operator commission being cheaper than many of the alternative options on the Aptos block explorer.

As things stand, Aptos looks poised to continue the growth that it has enjoyed during its opening year in Web3. The CoinCodex price prediction algorithm expects that a market bottom is nearby, with a long-term trend reversal expected over the coming months and years.

Source: https://coincodex.com/article/33097/coinbase-cloud-enables-apt-delegation-coinbase-prime-supports-aptos-staking/