Coinbase Now Allows Cardano Staking Services, Firm ‘Plans to Continue to Scale Staking Portfolio’

According to Rupmalini Sahu, the Coinbase executive, Cardano holders will now be able to leverage the cryptocurrency trading platform Coinbase in order to stake their ADA. According to Rupmalini Sahu, Coinbase’s senior product manager, staking on Coinbase is easy and secure.

Sahu claims that the current staking annual yield (APY), on Coinbase, is 3.75%. Users can then get rewards after a 20-25 day probation period. Coinbase’s blog posts emphasize that users must ‘always retain control’. It claims that your Cardano will always stay in your account. Users can also earn rewards and keep their crypto safe on Coinbase. The company also states that ADA stakers have the option to opt-out at anytime. Sahu added:

Cardano determines the underlying rate of return based on the number and percentage of stake participants. Coinbase distributes the returned amount to customers with a lower commission.

Cardano is Coinbase’s 5th Staking product, Senior Product Manager Says that the Firm ‘Plans To Continue to Scale Staking Portfolio.

Following a class action lawsuit against the Nasdaq-listed cryptocurrency trading platform, the latest product addition to the trading platform follows. Coinbase is being sued over alleged listing of 79 unregistered securities. cardano is also mentioned in the list. The crypto asset cardano jumped around 20% after the ADA staking announcement.

The cardano staking product is Coinbase’s fifth service. Customers can now stake ADA, tezos and ethereum at Coinbase. According to Coinbase’s senior product manager, the firm will add more coins to its’staking portfolio by 2022.