Coinbase Now Allows Cardano Staking Services, Firm "Plans to Continue to Scale Staking Portfolio"
On March 23, the cryptocurrency exchange Coinbase announced the platform will now allow cardano staking services. 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) holders can now leverage the cryptocurrency trading platform Coinbase to stake their ADA, according to an announcement from the Coinbase executive Rupmalini Sahu. The firm’s senior product manager said that while people can stake on their own by delegation, Coinbase’s staking is “easy [and] secure.”
According to Sahu, the current staking annual percentage yield (APY) on Coinbase is 3.75% and after a probation period of 20-25 days, users can then obtain rewards with the exchange. 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: 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 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 is being sued for allegedly listing 79 unregistered securities and cardano (ADA) is mentioned in the list. After the ADA staking announcement, the crypto asset cardano jumped roughly 20% higher during the last 24 hours.
The cardano (ADA) staking product from Coinbase is the company’s fifth staking service to date. Currently, besides ADA, Coinbase customers can stake tezos, ethereum, cosmos, and algorand. According to the Coinbase senior product manager, more coins will be added to the firm’s “staking portfolio in 2022.” Tags in this story ada, ADA staking, Algorand, APY, Cardano, cardano (ADA), Coinbase, Coinbase products, Coinbase senior product manager, Cosmos, crypto assets, Cryptocurrencies, Ethereum, fifth staking service, PoS, Proof-of-Stake, Rupmalini Sahu, staking, Tezos, Yield
What do you think about Coinbase adding cardano staking services? Let us know what you think about this subject in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Russia May Accept Bitcoin for Gas Exports, Lawmaker Says NEWS | 1 hour ago Crypto Pyramid Busted in Russia, Losses Exceed $10 Million NEWS | 2 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBitcoin, Ethereum Technical Analysis: ETH Recaptures Fresh 1-Month High Next articleOnchain Data Shows Terra’s Luna Foundation Continues to Stack Bitcoin Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItIndia Targets 700 Crypto Investors for Non-Payment of Taxes: Report
India"s income tax department has reportedly identified about 700 cryptocurrency investors who have failed to pay taxes on high-value crypto transactions. "We have a long list of people who were transacting in crypto assets but were not paying tax," said ... read more.Robert Kiyosaki Predicts End of US Dollar — Says War Giving Rise to Crypto as Safer Haven Than Fiat Money Kenyans Lost $120 Million to Cryptocurrency Scams in the Past Financial Year — Government Official Crypto Assets Can Help Russia Return to Global Financial Market, Lawmaker Says ASIC Mining Rig Manufacturer Canaan Reveals $100 Million Stock Buyback Program