Coinbase enriches staking offerings by including Cardano
Coinbase announces it is expanding its staking offerings to include Cardano (ADA) with plans to continue to scale its staking portfolio in 2022.
Cardano is one of the top ten most valuable cryptocurrencies by market cap. It is a proof-of-stake blockchain designed to be a next-gen evolution of Ethereum — with a blockchain that seeks to be more flexible, sustainable, and scalable. Cardano aims to enable smart contracts to allow developers to build a wide range of decentralized finance (DeFi) apps, new crypto tokens, games, and more.
When users stake their crypto, they make the underlying blockchain of that asset more secure and more efficient. And in exchange, they are rewarded with additional assets from the network, which are paid out as rewards.
While it has been possible for individuals to stake Cardano on their own, or via a delegated staking service, the process can be confusing and complicated. With today’s launch, Coinbase is offering an easy, secure way for any retail user to actively participate in the Cardano network and earn rewards.
The Cardano network sets the underlying return rate depending on the number of staking participants. Coinbase distributes the return to customers, less a commission.
Offering simple ways for Coinbase customers to earn crypto through staking is an important step in building an open financial system. You can learn more about staking rewards on Coinbase at coinbase.com/staking.