The exchange platform Coinbase is not only diversifying the cryptocurrencies offered for exchange, but also its staking services. It’s Cardano’s ADA’s turn to be concerned: users will now be able to generate rewards directly from the app.
You can now stake ADA on Coinbase
Coinbase announced the arrival of ADA staking today, via a statement. The exchange explains that the aim is to offer an easy-to-use service that allows the greatest number of people to have access to it:
“Coinbase provides an easy and secure way for every user to actively participate in the Cardano network and earn rewards.”
The platform says annual returns are estimated to be around 3.75%. Users start generating rewards after 20 to 25 days, and these are then distributed every 5 to 7 days. On Cardano, locked ADAs are not blocked: it is possible to withdraw them at any time.
Coinbase had already shown its ambition by explaining that it wanted to list all the existing cryptocurrencies. And it seems that it also wants to diversify its staking offer. Cardano is the 5th network with which it is possible to do staking, Coinbase having already added Algorand (ALGO), Cosmos (ATOM), Ethereum (ETH) and Tezos (XTZ). Coinbase confirms that new staking services will gradually be added to the platform.
ADA price jumps
In any case, the news seems to have had an effect on the price of ADA, which has jumped since yesterday, while it was already experiencing a rather positive week. The cryptocurrency is indeed taking +18% over the last 24 hours.
Over the last seven days, the progression is even clearer: the price of ADA explodes by +44%. For comparison, ETH and SOL are “only” +10% over the same period.
The arrival of ADA staking on Coinbase could in any case allow the project to see a new wave of users, thanks to its simplified access.