ETH2 is an upgrade to the Ethereum network that aims to improve the network’s security and scalability. This upgrade involves a shift in Ethereum’s mining model (“Proof-of-Work”) to a staking model (“Proof-of-Stake”). ETH2 = staked ETH. Coinbase offers our customers the ability to stake their ETH to earn rewards. When you stake your ETH, you earn rewards (up to 4.50% APR) and it converts to ETH2 on Coinbase. You cannot buy ETH2 directly on Coinbase. The price of ETH2 is identical to ETH. Once the upgrade to the Ethereum network is complete, both ETH and ETH2 will merge into one token.
1. Create a Coinbase account
Download the Coinbase app and start the sign up process. You will need a valid ID and may be asked for proof of address in order to transact, so be sure to have those ready. Verifying your ID may take longer than a few minutes, depending on where you live.
2. Add a payment method
Tap on the payment method box and connect a payment method. You can use a bank account, debit card or initiate a wire.
3. Start a trade
Press the trade button then select “Buy” from the list of options.
4. Select Ethereum from the list of assets
Search for Ethereum by typing "Ethereum" into the search bar. When you see Ethereum show up in the results, tap it to open up the purchase screen.
5. Enter the amount you want to buy
Use the number pad to input the amount you want to spend in your local currency. The app will automatically convert that into an Ethereum balance.
6. Stake your ETH to get Ethereum 2(ETH2)
Go to the Ethereum asset page under your Portfolio on web or mobile and follow the respective prompts. If you're signed in and eligible, you may be able to convert your ETH to ETH2 and start staking.