Coinbase Custody has become the largest stacking service for Tezos.

   Coinbase Custody service has become the largest stacking operator, despite high commissions for users.

The Block analyst John Dantoni reports that as of March 30, the service held 65 million Tezos (XTZ). The current coin price is $1.67, so the service keeps XTZ at $110 million.

Kraken and Binance stock exchanges are also major staking services for Tezos - 30 and 27 million XTZ, respectively. At that, the three largest services store 19% of the total number of coins.

Coinbase Custody stacking service was launched in spring 2019. At the same time, the XTZ stacking service was not very popular until the end of last year.

Thus, the number of coins bypassed it by Cryptium Labs and Polychain Labs. Only in mid-December last year the amount of XTZ in Coinbase Custody exceeded their amount in Polychain Labs.

Interestingly, Coinbase Custody takes the biggest commission for XTZ stacking - 25%. For comparison, the commission of Kraken is 7.25%, and the platform Binance and does not charge fees.

It was recently reported that the organization Tezos Foundation, which owns assets worth $635 million, in the second half of 2019 allocated $37 million to the developers of the ecosystem Tezos as grants.