Coinbase’s cryptocurrency exchange, Coinbase, announced on March 23 that the platform would now permit cardano staking. The company’s senior product manager Rupmalini Sahu mentioned that cardano is one of the top ten crypto assets by market cap and its proof-of-stake (PoS) blockchain “seeks to be more flexible, sustainable, and scalable.”
Coinbase now offers Cardano Staking Services
Cardano (ADA holder) can now use Coinbase cryptocurrency trading platform to stake their ADA according to Rupmalini Sahu, Coinbase executive. The firm’s senior product manager said that while people can stake on their own by delegation, Coinbase’s staking is “easy [and] secure.”
Sahu stated that the current annual stake percentage yield on Coinbase (APY), is 3.75. After a 20-25 day probation, traders can start to earn rewards. The Coinbase blog post stresses that the users “always maintain control” and claims “your Cardano always stays in your account; you just earn rewards while keeping your crypto safely on Coinbase.” Furthermore, the company says ADA stakers can opt-out at any time. Sahu’s blog post adds:
Cardano determines the rate of return based on how many staking participants are participating. Coinbase pays customers the difference between the commission and the return.
Cardano Is Coinbase’s 5th Staking Product, Senior Product Manager Says Firm ‘Plans to Continue to Scale Staking Portfolio’
The trading platform’s latest product addition follows a class-action lawsuit that has been filed against the Nasdaq-listed cryptocurrency exchange. Coinbase faces a lawsuit for allegedly listing 79 non-registered securities. The list also includes cardano (ADA). In the past 24 hours, crypto asset cardano has risen by around 20% after the ADA staking announcement.
The cardano (ADA) staking product from Coinbase is the company’s fifth staking service to date. Coinbase customers have the ability to stake ADA and ethereum as well. According to the Coinbase senior product manager, more coins will be added to the firm’s “staking portfolio in 2022.”
Let us know your thoughts about Coinbase’s cardano-staking service. Comment below and let us know how you feel about the subject.
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