ADA soared to a six-week high above $1 after Coinbase said it had expanded its staking offerings to include the asset.
The largest US cryptocurrency exchange included Cardano (ADA) into its staking offerings, promising APYs of up to 3.75%. Shortly after, the price of the token shot up by double-digits to a new local peak.
In line with its expansion plans for 2022, Coinbase announced yesterday the addition of Cardano to its staking product offerings.
The exchange said Cardano staking has been possible for a while since the blockchain protocol employs proof of stake, but the process could be “confusing and complicated” if executed on its own.
Now, though, Coinbase aims to simplify it by allowing retail users to participate in the Cardano network and earn rewards.
The product offering is already live, with Coinbase outlining the current estimated annual return of 3.75% APY. There’s an initial holding period of up to 25 days. Once completed, customers will receive their rewards every 5-7 days.
Coinbase added that users will remain in complete control of their assets and will be able to “opt-out any time you want.”
Coinbase announcements are typically followed by significant price appreciations, and ADA’s daily performance didn’t disappoint.
The asset struggled below $1 for weeks, and it had neared that level yesterday before it skyrocketed by over 20% to nearly $1.2 – its highest level since early February.
ADA traded below $0.8 less than ten days ago, meaning that it has gained roughly 50% in that timeframe.
Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn
