Cardano Partnered With Coinbase To Provide Storing and Staking Options

Cardano partnered with Coinbase and now the users will be able to store and stake their ADA coins without compromising their ability to participate in the network as we can see more in our Cardano ADA news today.

Cardano will allow ADA users to store and stake their coins on Coinbase Custody and the partnership will enable staking of ADA while it is secured in the cold wallets. The code of the Shelley platform upgrade was also rolled out this week. Cardano Developer IOHK partnered with Coinbase Custody which is a cold storage provider and the new arrangement will enable Cardano users to store and stake the ADA cryptocurrency while still keeping their assets stored in the cold wallets according to the announcement. The new product will be launch in autumn after staking rewards on Shelley mainnet become available.

IOHK announced the roll-out of Shelley which is the biggest upgrade to the Cardano blockchain which only brings decentralization and scalability to the platform as Charles Hoskinson said:

 “With Cardano, we believe we can create a revolutionary solution which will be able to offer access to finance and investment to swathes of the population who have previously been shut out of the system.”

He added that now that Cardano partnered with Coinbase, a new custody agreement will allow the IOHK which will provide institutional-grade storage solutions to the community without having to compromise the ability to participate in the network. IOHK was quite pleased with the Shelley rollout and the many new announcements on the virtual conference that ends today. The company also started a $20 million dev fund with the help of Wave Financial Group and the new identity system dubbed Atala PRISM as well as announcing any news on the Gogugen governance project.

The Shelley upgrade will culminate in a hard fork this summer where the first staking rewards will be ready for Coinbase Custody for everyone that is interested. As reported recently, Cardano brought its on-chain transaction volume to $19.8 billion which means that it surpassed Ethereum’s $13.2 billion and is now second to Bitcoin’s $27.2 billion. All of the activity brought ADA’s market cap to exceed both BNB and USDT as the third biggest coins by market cap right behind ETH and BTC.