Coinbase adds Cardano (ADA) to its staking offerings
Coinbase adds Cardano (ADA) to its staking offerings
Altcoin

Coinbase adds Cardano (ADA) to its staking offerings

By Stefania Stimolo - 24 Mar 2022

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Coinbase announces the expansion of its staking offerings to include Cardano (ADA). The current estimated annual return for Cardano staking on Coinbase is ~3.75% APY.

Coinbase adds Cardano (ADA) to its staking offerings

Coinbase announced that it has expanded its staking offers in its portfolio to include Cardano (ADA), the seventh-largest crypto by market capitalization. 

“More Cardano. More staking. We have officially expanded staking offerings to include $ADA so you can begin earning rewards on your crypto!”

According to reports, the idea of adding Cardano to the staking offering is to offer its users an asset that aims to enable smart contracts to allow developers to build a wide range of decentralized finance (DeFi) applications, new crypto tokens, games and more.

There are already other ways to stake Cardano, but Coinbase reportedly offers an easy and secure way for any retail user who wants to actively participate in the Cardano network and earn rewards. 

Cardano staking

Coinbase has included Cardano among the coins to stake with

Cardano Staking with 3.5% APY

As anticipated, the current estimated annual return for Cardano Staking on Coinbase is ~3.75% APY. Once the user has completed their initial holding period (20-25 days), they will receive rewards in their account every 5-7 days.

In addition, the Cardano network sets the underlying rate of return depending on the number of staking participants, while Coinbase distributes the return to clients, minus a commission.

At the time of writing, ADA has seen a price pump of +12.68% in the last 24 hours and +36% in the last week, rising in these seven days from a price of $0.85 to $1.15

Grayscale Investments’ new fund includes Cardano

Grayscale Investments has unveiled its “Smart Contract Platform ex Ethereum Fund”, with the aim of offering exposure to smart contract technology outside of the Ethereum blockchain.

And so the fund named “GSCPxE” offers holdings in Cardano’s ADA at 24.6%, but also Solana’s SOL at 24.3%, Avalanche’s AVAX at 17%, Polkadot’s DOT at 16.2%, Polygon’s MATIC at 9.7%, Algorand’s ALGO at 4.3% and Stellar’s XLM at 4.1%.

In this regard, Michael Sonnenshein, CEO of Grayscale said:

“Investor demand for diversified exposure has grown in parallel to the ongoing evolution of the crypto ecosystem”.

Stefania Stimolo

Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.

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