Coinbase Added Cardano Staking Rewards: Report

Coinbase added Cardano staking rewards and the exchange said that it has even more plans to continue to scale its portfolio in 2022 so let’s read more today in our latest Cardano news.

Coinbase added Cardano staking rewards to its platform and has been on a listing spree over the past year, adding, ApeCoin and Wrapped Centrifuge as well. It is also buffing up the staking options while announcing that it now offers to stake for ADA which is the native crypto of the Cardano blockchain.

In explaining the decision, the senior product manager Rupmalini Sahu pointed to the ADA top-10 market capitalization and its scalable and sustainable blockchain design. The design uses smart contracts much like Ethereum, Solana to enable DeFi, NFT, and other activities on the network. Cardano is a proof of stake cryptocurrency which means that the network is secured by people that commit a portion of their ADA holdings to the network and in return, they receive a share of the newly minted ADA.

Because the staking process can be overwhelming and quite long for the average user, Coinbase and other exchanges offer to do it for them and pool ADA together on the Cardano network but then redistribute a portion of the rewards and it is estimating the annual return of 3.75% to be distributed every five to seven days.

Cardano jumped today from $1.00 to $1.09 at publication time and it Is having a very good week relative to the other coins. ADA’s going rate is up by 30% over the past week compared to the 10% increase for ETH and 8% for Solana. ADA is the fifth coin that Coinbase provided staking services after Cosmos, Ethereum, Algorand, and Tezos with Sahu saying the exchange planning to continue to scale the staking portfolio in 2022. this puts the staking goals in line with the CEO Brian Armstrong’s expansion plans. In June, he tweeted that the goal of the exchange is to list every asset where it is legal to do so.

The exchange lagged behind in listings and now supports 168 different coins as well as tokens but it offered around 60 to start off in 2021.

As recently reported, The crypto exchange announced that users can now take advantage of the new feature to fund their non-custodial wallets easier than before. As part of the mission to make crypto products accessible to the public, Coinbase digs deeper into web3 by introducing Coinbase Pay and explaining that the new solution is an extension of the existing digital asset wallet whcih allows for users to interact with Web3 applications.