After the exchange’s announcement, the ADA token rate rose by 18% to $1,14

​Coinbase added Cardano staking capability. Altcoin up in price by 18%

24.03.2022 - 11:55

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1 min

What’s new? The cryptocurrency exchange Coinbase has announced on its blog that it has added a staking option for Cardano (ADA). The exchange’s senior product manager Rupmalini Sahu explained this decision, pointing to the coin’s high market capitalization and its “flexible, sustainable, and scalable” blockchain. Following the Coinbase announcement, the Cardano exchange rate rose by 18% to $1,14.

Coinbase’s announcement

What does the exchange offer? Because the blockchain is based on the Proof-of-Stake consensus mechanism, staking can be difficult for the average user. Coinbase offers to take over the basic process and charge a fee for it. The exchange estimates an annual staking return of 3,75%, which will be distributed every five to seven days.

What is Cardano? The open-source blockchain was launched in 2017. The ADA token is among the top ten coins by market capitalization of $36,32 billion, according to CoinGecko. We covered Cardano in detail in our article.

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