Coinbase, a cryptocurrency exchange, stated on March 23 that it will now accept cardano staking services. Cardano is one of the top ten crypto assets by market value, according to the company's senior product manager Rupmalini Sahu, and its proof-of-stake (PoS) blockchain "seeks to be more adaptable, sustainable, and scalable."
Cardano Staking is Now Available on Coinbase
According to a statement by Coinbase executive Rupmalini Sahu, Cardano (ADA) investors can now use the cryptocurrency trading platform Coinbase to stake their ADA. While anyone may stake on their own using delegation, Coinbase's staking is "simple [and] secure," according to the company's senior product manager.
According to Sahu, the current staking annual percentage yield (APY) on Coinbase is 3.75 percent, and users can get rewards with the exchange after a 20-25 day trial period. Users "always maintain control," according to the Coinbase blog post, and "your Cardano always stays in your account; you merely earn incentives while keeping your coin secure on Coinbase." Stakeholders in the ADA can also opt-out at any time, according to the corporation. According to Sahu's blog post:
The underlying return rate is decided by the Cardano network based on the number of staking players. Customers receive a portion of the profit, minus a fee, from Coinbase.
Coinbase's 5th staking product is Cardano, and a senior product manager says the company 'plans to continue to grow its staking portfolio.'
The newest enhancement to the trading platform comes in the wake of a class-action lawsuit launched against the Nasdaq-listed cryptocurrency exchange. Cardano (ADA) is named in a lawsuit against Coinbase for allegedly offering 79 unregistered securities. Cardano's price has risen by nearly 20% in the last 24 hours as a result of the ADA staking announcement.
Coinbase's cardano (ADA) staking service is the company's sixth staking solution to date. Customers on Coinbase may now stake tezos, ethereum, cosmos, and algorand in addition to ADA. More currencies will be introduced to Coinbase's "staking portfolio" in 2022, according to a senior product manager at the company.