The largest US cryptocurrency exchange has included Cardano (ADA) in its staking offers, promising APYs of up to 3.75%. Shortly after, the price of the token soared into double digits to reach a new local high.
- In line with its 2022 expansion plans, Coinbase yesterday announced the addition of Cardano to its staking product offerings.
- The exchange said Cardano staking has been possible for some time since the blockchain protocol uses proof-of-stake, but the process could be “confusing and complicated” if done on its own.
- Now, however, Coinbase aims to simplify it by allowing retail users to participate in the Cardano network and earn rewards.
- The product offering is already live, with Coinbase outlining the current estimated annual yield of 3.75% APY. There is an initial holding period of up to 25 days. Once completed, customers will receive their rewards every 5-7 days.
- Coinbase added that users will retain full control of their assets and can “unsubscribe at any time.”
- Coinbase announcements are usually followed by significant price appreciation, and ADA’s daily performance did not disappoint.
- The asset has struggled below $1 for weeks, and it had approached that level yesterday before surging more than 20% to near $1.2 – its highest level since early February.
- ADA traded below $0.8 less than ten days ago, meaning it has gained around 50% in that time frame.
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