Coinbase, the cryptocurrency exchange, stated on March 23 that the site will now support cardano staking. Rupmalini Sahu, the company’s senior product manager, stated that cardano is one of the top ten cryptocurrency assets in terms of market capitalization and that its proof-of-stake (PoS) blockchain “seeks to be more flexible, sustainable, and scalable.”
Coinbase Now Supports Cardano Staking
Cardano (ADA) users can now bet their tokens on Coinbase, according to an announcement from Coinbase executive Rupmalini Sahu. While anyone can stake independently through delegation, Coinbase’s staking is “simple [and] safe.”
According to Sahu, the current annual percentage yield (APY) on Coinbase is 3.75 percent, and customers can begin earning rewards after a trial period of 20-25 days. The Coinbase blog post emphasizes that consumers “always retain control” and that “your Cardano always remains in your account; you simply receive incentives while safely storing your currency on Coinbase.” Additionally, the corporation states that ADA stakeholders may opt-out at any time. Sahu’s blog post adds the following:
The Cardano network sets the underlying return rate depending on the number of staking participants. Coinbase distributes the return to customers, less a commission.
Cardano Is Coinbase’s Fifth Staking Product, Senior Product Manager Says Firm’s Staking Portfolio Will Continue to Scale
The latest product addition to the trading platform comes in the wake of a class-action lawsuit filed against the Nasdaq-listed cryptocurrency exchange. Coinbase is being sued for reportedly listing 79 unregistered stocks, which includes cardano (ADA). Cardano’s price has increased nearly 20% in the last 24 hours as a result of the ADA staking announcement.
Coinbase’s cardano (ADA) staking solution is the company’s fifth staking offering to date. Coinbase customers can currently stake tezos, ethereum, cosmos, and algorand in addition to ADA. According to Coinbase’s senior product manager, the firm’s “staking portfolio” will expand in 2022.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.